> Actual return on investment for any stock or fund is completely non-deterministic, and therfore it is gambling. Investors like Warren Buffett, Joel Greenblat

> Actual return on investment for any stock or fund is completely non-deterministic, and therfore it is gambling. Investors like Warren Buffett, Joel Greenblatt, and David Swensen have achieved well-above-market returns for decades using investment methodology they both practice and preach publicly. Are they just very lucky coinflippers? Paul Graham has no guaranteed return from his VC investments; is YC just a game to swindle pg, and startup investments no different from Vegas? Even when web startups and publicly traded companies can be analyzed similarly?