Everything that becomes successful is an improbable anomaly. Any company in the S&P500 is an extreme outlier. That’s the whole point of the venture model — you know 95% of startups won’t succeed, but 5% might return multiples of your investment and 1% might return multiples of your entire fund. But often not. Hence why the average VC fund can’t beat the S&P. This is how it has always been.