The VC community and industry is among the least transparent on the globe. A wonderful way to support this debate and see what approach works best is to publish results. It is not yet clear if "spray and pray" quantitative portfolio selection and management will yield returns greater than and index fund. Hopefully, Dave will figure out a model that does better. I wonder if it will be some hybrid of broad portfolio company investment acquisition (spray) with focused analytics to support the inevitable narrowing down of companies that receive follow-on investments over time (focused investing). Of course, praying never hurts either ! Dave, good luck and thanks for the engaging, colorful dialog.