[pclmulqdq]

The honest portfolio of bad passes should include plenty of companies that they would happily include as "good exits" that they passed on. It should also include a number of companies that they effectively killed by not investing, when the company would otherwise have been a successful entry in their portfolio.

To me, this is a way to brag about them being so selective that they rejected Google, so you can be excited when they offer you a deal at Acme AI.

Everything about this page underscores the importance of access to deals. Bessemer can afford to pass on Google because the quality of deals they get is so high that it's not too bad to pass on winners.