Run one venture fund from term sheet to exit. A deck of startup pitches arrives one at a time, each carrying the proxy signals a real associate would screen on — team score, MRR growth rate, runway, and total addressable market — but never the company's true quality. Size a check against your fixed fund, watch ownership fall out of the pre-money valuation in real time, and decide whether to invest or pass. Once the deck is reviewed, a five-year outcome simulation plays out in a 3D portfolio grid: most checks write off, a few return a modest multiple, and — if you diversified enough — a single home run under a real power-law distribution can carry the whole fund's return.