[vasilipupkin]

Yet VC industry as a whole has been underperforming. http://www.avc.com/a_vc/2013/02/venture-capital-returns.html

My guess is this is because most VCs cannot really discern trends, predict the future, etc - even though that is what they claim to do. ( The best ones can, to some extent )

So I would guess, based on this data, that crowdfunding equity will perform just as well as average VC or better, net of fees

[kansface]

The best VCs just have good deal flow. IE, the wildly successful startups go to them first. I don't think the VCs with great returns are better at guessing.