Good analysis but I think its missing a few key factors: 1) The risk profile of each investment. It may be the case that Instagram is a riskier proposition. Sp

Good analysis but I think its missing a few key factors: 1) The risk profile of each investment. It may be the case that Instagram is a riskier proposition. Specifically, the likelihood of success of Instagram once it is funded may be smaller than the likelihood of success of a funded Hyperloop project 2) There aren't enough instagrams to invest in or they are harder to identify than the hyperloop type projects 3) Even though the percentage return may be lower than the hyperloop, in absolute dollars, the hyperloop has a higher return. For investors looking to put more of their capital to work, this is attractive.