alt Hacker NewsVC is basically just plowing capital into people that went to prestigious schools or maybe were at a top company. They collect fees and every once in a while a company hits.
Any analysis on the asset class is moot.
Most of the VC media is aimed at hiding the fact that its a lottery machine for a pre selected group
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VC is also exercising incredible power over media and politics. That's part of the article's point: VC isn't just about VC anymore.
You should add that they use pension funds to do this too. Easy to make stupid bets when it's not your money.
I don't think they are that squeamish about hiding it. VC's talk all the time about investing in people and understanding that their ideas May shift over time.
Tyler Cowen is a big proponent of pre-selecting talented people and not even requiring an idea. I think this is the model of Emergent Ventures (EV), launched in 2018, and is getting replicated in many places.
I think it is regarded as highly successful
I'll say it directly, as _they have_: they are attempting to recreate fuedalism.
Those folks are in these comments. They'll get their pitchforks and torches eventually.
I think the letter V should be removed from VC to better reflect your point that these are barely ventures - they're more like a rigged casino spin for those that don't have the talent to do the building themselves.