I thought the whole VC model was flippantly summarizible as "stupid but works". Basically throwing money at tons of start-ups, in case one of them strikes gold

I thought the whole VC model was flippantly summarizible as "stupid but works". Basically throwing money at tons of start-ups, in case one of them strikes gold that more than makes up for the failures and outperforms rational models. That is, the whole point of VC is not predicting.