Thanks for the great article Jared.

I tried to follow your calculations and it seems that I'm missing something. To reach 176% IRR for a single investment, you need a $10M company to be valued at $28.6B after 10 years. While very very few YC companies reached that valuation, but the rest of their portfolio will certainly bring this yearly return down. the 176% IRR is equivalent to 286,300% 10-years ROI.