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The median venture capitalist has produced no more excess return than the median mutual-fund or private-equity manager.

Drawn from what Aswath Damodaran said

What this subject means

venture capital Raising money and what it does to the product: the funnel that forces hard choices, and what happens without it.

A private bookmark. Not a position, and never counted.

What Aswath Damodaran actually said

Word for word, with the source under each one. They did not write this page.

  1. Aswath Damodaran

    Professor of finance at NYU’s Stern School of Business

    the median venture capitalist has not been much better at harvesting alpha than the median mutual fund manager or PE investor

Added to korrents 2 Sept 2026 · How quotes work · Something wrong? Tell us

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