VC are annoyed because someone may show them that their due diligence is useless. But it is always funny to see that VC thinks their decision process is smart w

VC are annoyed because someone may show them that their due diligence is useless. But it is always funny to see that VC thinks their decision process is smart when in fact most of their portfolio will not return anything. Is VC really more efficient than giving money to anyone who has a master degree and some customers ?