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Gculliss
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Nice application of comparative advantage within a micro-economic environment. You could add to the argument by more explicitly using the concept of opportunity cost to further drive home the point.
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Fred Wilson noted: "spray and pray is going to give you a index fund like return" and this would be true if one continued to invest in *all* companies in subsequent rounds. But, when you factor in the ability for the investor to be selective in subsequent rounds of investing, spray and pray gives you access to invest in the winners, and the value of that access right is worth more than what's lost on the losers in the first round.
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Feb 28, 2011