Andreessen Horowitz’s Returns Trail Venture-Capital Elite
The AH model isn&#x27;t venture in the sense of betting on very early stage companies.<p>AH seems to invest huge amounts in much later stage companies. The idea is that some of these companies would be public in the old days and all the growth is happening on the private side. (This is based on things @pmarca has said many times in many different forums).<p>One could argue that the relevant comparison would be very volatile tech stocks.<p>Comparing it with the few VC funds (the one VC fund?) that hit the great firms two funds in a row is not really fair.<p>Edit: To put it yet another way, the volatility of the returns should be lower so we should be happier with a lower expected return.