[pharmakom]

VC is much earlier stage. I think ARKK only invests in publicly traded companies. The potential for a 100x is much greater at earlier stages.

[refurb]

Exactly.

A VC putting in $1M for a Series B and getting $100M out is within the realm of possible.

Buying $10M of public stock and having it turn into $1B isn't quite so realistic, at least not on a continued basis that an investing thesis would require.