Zero to One_ Notes on Startups, or How to Build the Future ( PDFDrive )

After 10 years, however, the portfolio won’t be divided between winners and
losers; it will be split between one dominant investment and everything else.
But no matter how unambiguous the end result of the power law, it doesn’t
reflect daily experience. Since investors spend most of their time making new
investments and attending to companies in their early stages, most of the
companies they work with are by definition average. Most of the differences that
investors and entrepreneurs perceive every day are between relative levels of
success, not between exponential dominance and failure. And since nobody
wants to give up on an investment, VCs usually spend even more time on the
most problematic companies than they do on the most obviously successful.