Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
PitchBook released its final data confirming that venture capital’s distressing performance continued through the first half of 2026. Unfortunately, the industry’s power law, where a small cluster of superior portfolio company returns generate an attractive fund return, has broken down. The high rate of return cluster is shrinking in number and growing in capital intensity. In other words, the power law has become less powerful.
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