The problem with this philosophy is that it would have caused investors to miss very successful investments. Since the number of big wins is limited, there is a

The problem with this philosophy is that it would have caused investors to miss very successful investments. Since the number of big wins is limited, there is a very real risk to professional investors to NOT being in wins. This approach also basically rules out entire classes of investments (e.g. biotech). It may be apocryphal, but Google (market cap: $567B) is rumored to have taken its first investment before it had incorporated, and well before it started making money. I'm sure there Google is not alone in this respect.