And Marvel went bankrupt in the 1990s, which to your point, is all about IP management. Disney I would argue has absolutely done VC-enviable returns on its Marv

And Marvel went bankrupt in the 1990s, which to your point, is all about IP management. Disney I would argue has absolutely done VC-enviable returns on its Marvel acquisition. It spent $4 billion on the company in 2009. They’ve easily made $100b off of the films, TV shows, comics, merchandise, theme park rides, etc. I wholly agree with your point re: content that it has the culture of 10 flops for every hit. But that studio model, which has always existed in Hollywood, is the same model and a VC fund. Instead of going public, you get sequels or branch into other IP. Are the returns the same? Generally no. But a good acquisition, like Marvel and Star Wars for Disney and Harry Potter (and to a lesser but historically significant degree, DC Comics) for Warner Bros, can pay dividends the exact same way as investing in a future tech titan.