Yes, that's exactly right. The way we invest (a large number of small bets) means that it makes less sense for us to be conservative than it does for any other

Yes, that's exactly right. The way we invest (a large number of small bets) means that it makes less sense for us to be conservative than it does for any other investor. So either JM is writing about other "incubators" or he's been misled by the fact that it takes a while for the world-changing companies to emerge as such. At year 2, Microsoft or Google or Facebook would not have seemed world-changing.