Fair point. Where I said "likely to fail" what I meant was "so likely to fail that they represent a poor use of capital" (for even a large investor and also for

Fair point. Where I said "likely to fail" what I meant was "so likely to fail that they represent a poor use of capital" (for even a large investor and also for society as a whole). As you've pointed out, there's a distinction between poor use of capital for the individual and a poor use of capital for society, and other groups in between. I'm not proposing that this is the case about any particular investment it just seemed worth pointing out that such a type of investment does exist.