Serial Entrepreneurship: An advantage?

Another good post from Nic Brisbourne at TheEquityKicker concerning the advantages or not of backing a serial entrepreneur and the difficulties this poises to the VC community. The impression following deal flow is that VCs back serial entrepreneurs more often than first timers. The nub of this analysis is that the best returns may not back up that strategy and the best VCs may be those that can allow themselves to back the horse without the form guide.