Most venture capital funds invest in dozens of companies. But when you look closely at the returns, one pattern appears consistently: a single investment — sometimes two — generates returns that exceed all the others combined. This is called the power law. In environments where outcomes are not evenly distributed — and most ambitious endeavours are like this — a small number of decisions, bets, or activities produce the vast majority of results. The rest are noise. This changes how a rational investor should think. Not: which of these 20 companies is most likely to succeed? But: which of these 20 could become so large that it returns the entire fund on its own? The framing is completely different.