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What Aswath Damodaran thinks about venture capital

@aswath-damodaran · 15 positions · 0 changes of mind

Professor of finance at NYU’s Stern School of Business, known for his work on valuation. Publishes his valuations, spreadsheets and data openly at Musings on Markets, and revises them in public when the numbers move against him.

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Aswath Damodaran did not write this page.

We collected these quotes from things they published elsewhere, and every quote links to where it was said. They have no account here and have not endorsed this site. Quotes are word for word; the short line under each one is our own restatement, not their wording. Their own site. Is this you? Claim it or ask us to remove it. Or tell us what is wrong here.

2 dated positions, 2026, in their own words. Our reading of what Aswath Damodaran has said — not written or endorsed by them.

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  1. Our readingVenture capitalists are judged on the price they entered and exited at, not on the quality of the business they built.

    Their wordsVC success is measured based on price at entry and price at exit on an investment, rather than the quality of the business built

    ↗The Scaling and Profitability Trade off: Venture Capital’s Weakest Link!aswathdamodaran.blogspot.com 2nd of 5 in this piece

    Interesting

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

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

    ↗The Scaling and Profitability Trade off: Venture Capital’s Weakest Link!aswathdamodaran.blogspot.com 3rd of 5 in this piece

    investing

    Interesting