> these cases read like a market inefficiency in venture capital, rather than one-offs. Considering that venture returns have historically out-performed public

> these cases read like a market inefficiency in venture capital, rather than one-offs. Considering that venture returns have historically out-performed public markets[1], they're probably just that: one-offs. I think there's an argument to be made that Fed QE policies and junk bond bailouts have perhaps over-incentivized risky investments, but in aggregate venture capital has been "efficient" in the economical sense. Consider that the total investment into Theranos and WeWork are a rounding error as far as the total pie is concerned. [1] https://cdn2.hubspot.net/hubfs/3925488/_Source%20of%20Truth%20Mirrored%20Folder/04%20White%20Papers/Venture%20Returns%20Outperform%20Public%20Markets-AVG.pdf https://cdn2.hubspot.net/hubfs/3925488/_Source%20of%20Truth%...