Power Law
Sebastian Mallaby's history of venture capital, from Arthur Rock and Fairchild through Kleiner Perkins, Sequoia, Accel and Benchmark to SoftBank's Vision Fund. The organising claim is the power law: returns are so skewed that a fund exists to catch the one investment that pays for everything else, and that this shapes behaviour throughout the industry. Reported in detail, including the Uber board fight and the WeWork failure.