[bluGill]

VCs had so much money that they couldn't do that work. They have to invest all that money someplace no matter what, even if a moment's thought would show it was a bad investment because they need to show a return on investment, and sitting on a lot of cash isn't showing a return.

This is one way the little guy can beat the market: you are allowed to sit out the market for obviously flawed things. Beware though, that thinking is also why many little guys didn't get rich on Amazon, Microsoft, Apple, Google, and the other big names that at one time looked like bad investments.