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      "text": "Our simulation proceeds as follows. We start by fixing the number of investments an investor wants to make each year, say ten. Then in each year (2014, 2015, 2016, and 2017) of simulation, the investor draws a list of ten potential investments.",
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      "text": "In a Mean-Reverting world... In a Totally Random world... In a Momentum world...",
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      "text": "We are interested in seed (and pre-seed) investments, so we filter down AngelList's extensive database... All told, our filtering leaves us with a universe of 1,218 seed-stage investments to consider.",
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      "text": "Othman - Should Seed Investors Follow On?",
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