Something I&#x27;ve often wondered about his how much of the top 10 VC performance advantage is due to deal availability. Top firms are offered the best deals (every startup wants to be funded by them), which means that they might be able to achieve better returns without being &quot;better&quot; than other VC firms in terms of, say, investing acumen or operational advice.<p>It could be that 0% of top VC returns are explained by this; I&#x27;m curious, though.