Diversification does not guarantee returns here. The majority of companies in their portfolio are likely to be worthless. A $400 million venture fund is often

Diversification does not guarantee returns here. The majority of companies in their portfolio are likely to be worthless. A $400 million venture fund is often lucky to own 20% of a 'unicorn' $1 billion company, and they would need two of those just to break even. Look at the stats and it is far from a sure-bet even if they have the money.