Power laws are everywhere, not just in venture.
As recently as 2015, the top 10 stocks in the American S&P500 made up ~17% of the total market cap. Today, they represent 36%.
But the US is actually one of the least power-law nations when you measure by the concentration of the top 10 stocks. In many countries, the top 10 companies take 75% or more of the total market cap weight (in some they take the whole index).
Viewed one way, this just reinforces the common refrain from mega-fund venture capitalists who say you need to be in the right 5 companies and nothing else matters.
Viewed another, this is a dangerous overconcentration and reliance on a handful of companies, a blow to any one of whom would have disastrous consequences to equity holders across the board.
Probably both :)
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