Please explain the chart. What does the cash-on cash return represent and the P(return>x),%

Several studies and mathematical simulations have shown that it takes investing the same amount of money consistently into at least 20-25 companies before your returns begin to approach the typical return of over 20% for professional, active angel investing. This means the greater the number of companies into which the angel syndicate invests, the greater the likelihood of an overall positive ROI. [1] 100% 75% P(return>X), % Portfolio Size -5 -10 -25 -50 -100 50% 25% Ox 4X 1x 2x 3x Cash-on-Cash Return