> You could know precisely what to invest in but not have access to the funds or deal flow and not be successful.

Thank you.

Then I suppose he should first try gaining access if he really knows things "precisely" It should be on the top of his world priority if anything then.

That’s not actually how professional finance works, at less not on the trading side (I’ve never done vc work).

Usually access and funds is _harder_ to find than alpha. So what’s more important is finding alpha (or whatever metric you are benchmarking against) that you can operationalize even if it’s worse on a risk adjusted basis than some other trade you can’t do.

> Usually access and funds is _harder_ to find than alpha. So what’s more important is finding alpha (or whatever metric you are benchmarking against) that you can operationalize even if it’s worse on a risk adjusted basis than some other trade you can’t do.

Precisely, it’s about playing the hand that you have. My curiosity is why VCs are so indiscriminate with their funding. That said, if I had access to billions in capital to invest, maybe my perspective would be different.