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> in expectation earn at least the same as they would at a public company

No, it should be multiples. Otherwise why is the employee taking on that risk?



I don't see why this follows. I said "in expectation". So some % of the time it's going to be 0 or thereabouts and some % of the time will be much higher. The best case scenario needs to be multiples in order to make the average work out, but I don't see any reason the average case needs to be.




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