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> In short, Superfund CEOs display performance with essentially lower mean but higher variance.

Outcomes however are not evenly distributed, large success typically has outsized rewards.

This is why VCs have the investment strategies they do: invest in 10, 7 fail, 2 don't matter, and 1 is everything.

which makes sense in a portfolio, but a company only has one CEO in their basket. But I suppose if CEO elections represent stock holders with many companies, then perhaps it may still be optimized like a portfolio with multiple CEOs.

Correct.

The effect is more mild, not necessarily because the profile is different but because public companies don’t usually have 100x upside.

Only one at a time, but a CEO is still chasing that monumental success that their reputation can ride on later.

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