Bryce says yes, Indie.vc has a return model that enables them to exist and to return funds to their investors without having a home run. Remember though, companies with positive cash flow who don't need to take money and don't need to sell also happen to be the companies that can do both of those things quite easily.

Update: As of October 2019, Bryce had a $2B combined exists from just two portfolio companies. They are doing alright.