Are you suggesting that Sequoia and other top VCs are making investments where the expected return is less than 1? AirBnb could end up being worth $0, but it c

Are you suggesting that Sequoia and other top VCs are making investments where the expected return is less than 1? AirBnb could end up being worth $0, but it could also be worth $10 billion. A $1 billion valuation would be a bet that it's expected value is substantially more than $1 billion. You may disagree with that assessment, but the people making that bet have a pretty good track record.