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.