If you exclude all the dumb VC investments after the fact then sure the industry looks awesome. The problem is making distinctions beforehand. Exclude non investment fund VC’s and you exclude most of the best investments and keep a lot of cruft. Net result professional VC’s under preform the market.

Include non professional investors and you get successes like George Forman and a ton of far less successful athletes etc. which on net also under preform the market.

The entire article is about how "dumb money" is distorting things. The distinction between dumb and smart money is irrelevant - VC money is distorting the economy in a way which benefits a handful of large investment firms and destroys many viable businesses.

> A fool and his money are soon parted.

In the time between a fool acquires money and becomes destitute they can topple governments, commit genocides, destroy ecosystems and generally terrorize billions of people. I don't care about a billionaire losing everything on craps. I care greatly about idiots usurping democracy in coups, force feeding propaganda through willfully oblivious social media companies, and other melt methods.