The author is crossing streams with 'value capture' and 'value creation', they are not the same thing. Investing does create value, but a lot of it is just pok

The author is crossing streams with 'value capture' and 'value creation', they are not the same thing. Investing does create value, but a lot of it is just poker. Being better at poker than a fool is a net zero-sum win for society. Though most startups do create some value, it's also questionable in the big picture. And a huge amount of value is created by individuals who are not able to capture the surpluses.