[mikekoscinski]

Right. It seems commonly misunderstood that the universe of investable startups represents a zero-sum game for investors. It isn't as simple as "invest in more companies"; one fund's investment represents another fund's forgone investment. (Not many good companies want a five-fund Series A where each fund buys 20%.)

Having the capital and desire to make an investment is the easy part of investing. Actually earning that allocation is difficult.

Yet, most conceptions of investing seem to be shaped by public markets and their ubiquity. That is to say, public market float is taken for granted - when in reality it is missing from every asset class (practically or literally) save for G7 (+China) secondary-market public equities (and now cryptocurrencies).