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Most people assume a venture capitalist is someone unusually good at spotting the next big company. The opposite is closer to the truth: the model assumes that most bets fail, and is built to survive that. Take ten stalls on a street. Each needs ten dollars to open, so you put ten dollars into all ten of them, a hundred dollars in total, for a tenth of each. Nine close and return nothing. One becomes a chain and sells for three thousand, so your tenth is worth three hundred. A hundred dollars i
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