Is venture capital a money-losing venture in aggregate? Why?

Probably.  It’s not 100% clear if it’s money losing in the aggregate from a $$$ invested perspective … but the average fund loses money.  That’s clear.

The average venture fund returns less than $1 for every $1 it is given to invest.

But the very best funds return $10 for every $1 they are given.

So average is for suckers.  It really is.

But figuring out who will be the next outlier VC, though … can return more than almost anything else you can invest in.