[wjnc]

Interesting points. I'd say creative destruction is as volatile as it gets and 1% might be pretty large. On 95% of this planet the odds of creating a unicorn are about zero. Questions: How many 100B+ firms are there? How many arrived in the 'old economy'? How many failures for each ramen, for each SME, ..., for each unicorn?

In my opinion it's enormously unusual to find a product market where 100B in future profits are up for grabs and a testament to mans inventiveness that we are even having this discussion. In a competitive market I'd expect the chance of a unicorn to approach zero. And it doesn't! It's awesome and takes a whole lot of failure.

On the side of the investors I'd be in the boat thinking it's more of a lottery than a skill, but these funds seem to prove otherwise so while I wouldn't invest in them and caution my company to be careful, I hope my pension fund is in them, a little.