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Venture Capitalists Get Paid Well to Lose Money

Harvard Business Review

2013 had all the signs of being a comeback year for venture capital. The industry realized its highest returns since the Internet boom. Yet 2013 annual industry performance data from Cambridge Associates shows that venture capital continues to underperform the S&P 500, NASDAQ and Russell 2000. Well, it depends.

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Could a Four-Year-Old Do What Carl Icahn Does?

Harvard Business Review

billion in 2013, making him the fifth highest-paid fund manager in the land. Here are the six likeliest reasons I could come up with: Luck: This has been the baseline academic explanation for investing success for five decades now. And maybe random chance does explain a lot of Icahn’s success. Then Andreessen quit the board.

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