Where do you draw the line between gambling & investment...? Example: Median returns across venture capital are net-negative, even if expected value is net-pos

Where do you draw the line between gambling & investment...? Example: Median returns across venture capital are net-negative, even if expected value is net-positive: https://techcrunch.com/2017/06/01/the-meeting-that-showed-me-the-truth-about-vcs/ https://techcrunch.com/2017/06/01/the-meeting-that-showed-me... The effect is even more extreme for early-stage startups given the power-law nature of returns.