[sib]

"Something like a 70% failure rate, with 20% being moderately successful, and 10% being very successful is considered very good for the VC industry."

While that's true overall, I don't think those expectations are the same for the kind of very-late-stage, pour rocket fuel on the fire investments that the Vision Fund is making.

For seed-stage investing, definitely.

The problem for late-stage investors is that it's really hard to get the same "grand slam" economics on your winners that early-stage investors can, so it's harder to make up for a bunch of washouts.