• like in public markets, portfolio construction is very important for overall returns

  • Post by Alex la Padre

    • Data and analysis by the Kauffman Foundation’s Angel Investor Performance Project and Alex LaPadre
    • basics behind chart that appears in many articles on the topic arguing for larger portfolio
    • also contains link to excel data if you want to do your own simulation / calculation

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  • Moonfire Article

    • Looks at several factors that influence optimal portfolio size
    • importance of maximum return multiple on optimal portfolio size
    • simulator that one can play with

  • VC Stack

    • portfolio construction one of most critical drivers of fund performance
    • textual description of most important factors

  • Jared Heyman Article

    • on the power law of Y Combinator startups
    • has actual data from Y Combinator

  • Post by European Business Angel Network

    • highlights importance of diversification on various dimensions
    • across geography: startups are not like vegetables, local ist not always better
    • across stage etc.