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Fred Wilson and the Venture Capital (Non-)Cartel

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WHEN SMALLER IS BETTER
"We need to shrink to have a healthy venture capital business. We have an industry that hasn't delivered a multiple above 1.0 on invested capital since 1997," Paul Kedrosky proclaims. "We have an industry that, as of end of year 2009, sunk to a negative ten-year IRR, with the bubble exits finally falling off the sheet. This is a sick business, and that is understandably leading to fewer investors wanting a part of it, which means outlays are shrinking. Eventually the industry will shrink back to a point where it delivers competitive returns -- and it may even be there now."
SOURCE:   Infectious Greed

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