Grefenstette: Peak 2021 market behavior data helps LPs distinguish skill from luck
Ed Grefenstette · Ed Grefenstette and Sean Warrington – Venture Market Update (EP.488) · Feb 23, 2026 · at 30:34
Ed Grefenstette of The Dietrich Foundation discusses how allocators can underwrite venture fund managers after a market cycle downturn.
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“It's hard to distinguish luck from skill when everything is up and to the right. But now you can look back and say, okay, what did you do in 20 and 21 and 22? How sensitive were you to these really high valuations? How disciplined were you in deploying the capital?”
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