[mattmaroon]

"Poor investments can contribute to a fund’s weak performance, but so can decisions to put too little money into startups that ultimately turn into smashes."

I'd guess the problem is the opposite. Too much money into startups that fail.

VC is hard now because there's so much money chasing startups. The valuations they're getting are absurd. When you pay twice as much, your hit gives you have the return and your failure twice the loss. VC has been a pretty poor investment historically, and the high valuations now are really hurting.