"The day SpaceX went public, historical asset allocation went out the window. Technology is the dog that caught the bus." "What was once success in venture (a unicorn) is now your average Wednesday and private companies are generating $1B in revenue on a timeline measurable in quarters." "While we don't invest with that expectation at the outset, the majority of the portfolio can go to zero and we can still generate outperformance from a small handful of power law winners." "It's not just a smaller number of companies generating the returns. It's a smaller number of funds with exposure to those companies." "Winning begets winning: a fund that lands one behemoth gets the follow-on rights, the founder referrals, and the information edge that make it more likely to land the next one. Access compounds the same way outcomes do." a16z's @jkhamehl on the case for resizing venture: https://www.a16z.news/p/catching-the-venture-bus(a16z)