Fred Wilson's got an interesting series going over at A VC, covering the history of venture capital fund performance. First, a look at VC returns from the late sixties through 1997. And this morning he's included the last ten years of data as well.
He's "surprised that the 2001, 2002, and 2003 vintage years aren't showing better numbers." So am I. After the big drop in the very late 90's, VC's should have been able to buy low and earn better returns than they're showing. Fred's probably right when he argues that the "chart will look at lot differently in three or four years".
I'm looking forward to his next installment.