Yes, and? It's exactly that kind of focus - focusing on the average outcome rather than the power law outlier outcomes that return your entire fund - that characterize the people who laughed at FB's valuation, as opposed to the VCs who invested in FB.
I agree that risk is certainly required if you want to make a return on your investments, however, all I'm saying is that for every Facebook, there are hundreds more that don't make it where money gets wasted. If I were an investor I'd want to make sure there was a tangible product doing something innovative out there, rather than just a new way to collect and sell user data. I'm not a VC nor do I really inderstand the mindset though, so if investing in miracles is your thing and has worked for you then more power to you.
