The investor in Facebook, and the one in Pets.com could very well be the same person, making a very mediocre return. If, on the other hand, the investor manages

The investor in Facebook, and the one in Pets.com could very well be the same person, making a very mediocre return. If, on the other hand, the investor manages to only invest in successful enterprises, thereby enabling a huge amount of consumer surplus, they should probably be rewarded (thus permitted and enabled to support even more consumer surplus in the future).