Right. But no investment has a guarantee of working. There aren't 1,000 Instagrams in tech. There are roughly 10-15 moonshot investments made a year out of t

Right. But no investment has a guarantee of working. There aren't 1,000 Instagrams in tech. There are roughly 10-15 moonshot investments made a year out of thousands. So you can't find 1,000 instagrams. Investment doesn't scale like that. You can "imagine" return would be better but it isn't is it? Look at VC returns. If you make 1,000 investments of $1million how many do you think make it to being a billion dollars vs just losing your money? How many of those investments need ZERO more capital along the way - if they need more capital you either get diluted out or you're putting a ton more cash in. Instagram is a ridiculous outlier to build an investment strategy on. How many other Instagrams have you heard of this year? Yeah... not 1,000. People investing in Hyperloop type investments don't put all their money on one investment either. If you're an investment manager at a pension fund having to find places to park $500BILLION you cannot be managing million dollar investments, they're meaningless. Even an Instagram doesn't move the needle. You have to place lots of billion dollar bets.