Discovering the best ideas / innovations / people to put money behind is very, very hard. Very few institutions have been able to do it repeatedly across market

Discovering the best ideas / innovations / people to put money behind is very, very hard. Very few institutions have been able to do it repeatedly across market cycles. Having 2 fund-returning investment in a single vintage VC fund is strong signal of a manager's selection capability. Less than 20 funds have ever done it multiple times. There is also innovation in allocation. Look up Redesign Health or Juxtapose. And knowing what to do with an acquisition is very difficult. Google re-built Youtube from scratch because every aspect of it couldn't scale. That deserves credit. Elon turned a small team with no technology but a huge vision into a giant once he bought his way in. He convinced the world to put money behind the people behind him. Trivializing that achievement because he is only a genius allocator and not a genius scientist is petty.