I'm a little confused, but I think you restated my point. The portfolio approach appears to be the optimal strategy in an open game like startup creation, where the upside is potentially infinite and the uncertainty is really high.
I guess I was asking if there are other explanations for why this is, or if the strategy appears to be optimal to others.
If it is the best strategy, any discussion about unicorns versus profitably invested smaller startups is moot, because it's based on the assumption that the investment class should do something that's strategically suboptimal.
I guess I was asking if there are other explanations for why this is, or if the strategy appears to be optimal to others.
If it is the best strategy, any discussion about unicorns versus profitably invested smaller startups is moot, because it's based on the assumption that the investment class should do something that's strategically suboptimal.