2004 ROI: 8.6% on Nasdaq, 9% on SnP, 19.3% on venture capital

US venture capitalists saw 2004 returns of 19.3% on average. The Nasdaq returned 8.6% and the S&P 500 garnered 9%. Early-stage investors got the biggest bang for their buck, pulling in 38.9% on their investments, according to a study by the National Venture Capital Association, as reported by Red Herring.