No, that seems about right. Traditionally investors prefer investing in a number of moonshots with the hopes that one of them succeeds to such an extreme that it pays for the losses on the rest. There are even some investors known to invest in direct competitors to hedge their bets.

The question only seems to be whether this strategy still works in a higher interest rate environment. As I understand it this development mostly stems from it being more profitable to invest with a low ROI (or a low probability of a high ROI) than to keep the money in the bank.