Is Early-Stage Alpha Real or Are VCs on a Random Walk Down Sand Hill Road?
TL;DR:
The existence of alpha, a measure of an investment's performance compared to a benchmark, in early-stage investing is a topic of ongoing debate. On one hand, successful investments like Facebook and Uber suggest that alpha might exist, potentially attained through strategic foresight, access to quality deal flow, and thorough due diligence. On the…
