you can't make those gambles in an efficient market - ever This is not true. Look at silicon valley. $10MM is nothing. The issue is that markets are human. Hum

you can't make those gambles in an efficient market - ever This is not true. Look at silicon valley. $10MM is nothing. The issue is that markets are human. Humans are bad at predicting what will be successful art, untill its successful. Technology on the whole, is much easier landscape in which to invest in standalone projects (ie, startups). That is why movies are financed on a portfolio basis, and why you see so many sequels in large ticket entertainment (both games and Films). Its also why you see other projects financed in-house (ie, via hierarchy) as opposed to independently (ie, in a market).