80/20 looks like almost a law of nature. Question is always which 20... and if it were easy to tell it would already be factored or priced in and you’re back to “which 20?” Repeat.

"Based on their data, a full 65% of financings fail to return 1x capital.

And perhaps more interestingly, only 4% produce a return of 10x or more and only 10% produce a return of 5x or more."