1. Passion class first - Only invest money you are willing to lose.
2. Feedback cycles are long - Have to invest in 25 companies over 5 years to see some return.
3. A lot about access - Best deals have more demand than supply. You have to build access.
4. Power law at play - A few winners can pay back the entire portfolio and some more.
5. Stay invested - As long as possible in your winners.