There is NO one way to generate returns. It depends on the manager. If a manager has an excellent network/sourcing and the ability to access small non-lead checks, model is small funds, more positions. If someone has shown picking ability in a domain, fewer companies, higher ownership and follow-ons. This whole notion that there is "one" way to optimize VC performance is silly. Every few months, VC Twitter and LinkedIn light up with debates about “concentrated vs. diversified” portfolios or “high reserves for follow-ons vs. no reserves.” But the truth is, there’s no single way to drive returns in venture. It all depends on the manager and their unique strengths. If you have exceptional sourcing and access, a diversified approach with more positions—even smaller checks—can work. If you’re a proven picker in a domain, fewer companies with higher ownership and big follow-ons make sense. The idea that there’s one way to optimize VC performance is just industry groupthink. Success in this business comes from leaning into what you do best, not following some rigid, one-size-fits-all playbook.