Love this. One footnote from behind the counter at a card shop: this compares the entire venture index to the single best Charizard on earth. That's like comparing the S&P to Google's seed round. The average 1999 Charizard didn't become a PSA 10. It got shuffled, traded at recess, and stuck in a bike spoke. We see those every week. Still worth real money, just not $1MM money. The real asset was never the card. It was the kid who put it in a sleeve in 1999 and never touched it again. That kid was the VC.