“Obviously you don’t make money if you are wrong, but most people don’t realize you don’t make money if you are right and consensus because the opportunity is too obvious and all the returns get arbitraged away. The only way to generate outstanding returns is to be right and non-consensus. That’s hard to do because you only know you’re non-consensus when you make the investment. You don’t know if you’re right.”

(via Demystifying Venture Capital Economics – Wealthfront Knowledge Center)