&gt; The question isn&#x27;t whether VCs are brilliant according to some absolute metric. The question is whether they deploy capital better than random chance. The numbers show that top ten VCs consistently do.<p>Does it?<p>If you have enough gamblers in a high stake casino where the house hasn&#x27;t stacked the deck, some of them will seem to consistently win in comparison to the other players.<p>Similarly, a very small percentage of VCs and other active investors consistently beat the market. A percentage so small I&#x27;m not sure anyone can statistically say they are doing so through skill.<p>Similarly, your argument is the top 10 are consistent. Yes. And the top 10 aren&#x27;t a statistically significant sample in a market of thousands of investors.