VC is basically just plowing capital into people that went to prestigious schools or maybe were at a top company. They collect fees and every once in a while a company hits.

Any analysis on the asset class is moot.

Most of the VC media is aimed at hiding the fact that its a lottery machine for a pre selected group

I think the letter V should be removed from VC to better reflect your point that these are barely ventures - they're more like a rigged casino spin for those that don't have the talent to do the building themselves.

VC is also exercising incredible power over media and politics. That's part of the article's point: VC isn't just about VC anymore.

You should add that they use pension funds to do this too. Easy to make stupid bets when it's not your money.

I don't think they are that squeamish about hiding it. VC's talk all the time about investing in people and understanding that their ideas May shift over time.

Tyler Cowen is a big proponent of pre-selecting talented people and not even requiring an idea. I think this is the model of Emergent Ventures (EV), launched in 2018, and is getting replicated in many places.

I think it is regarded as highly successful

I'll say it directly, as _they have_: they are attempting to recreate fuedalism.

Those folks are in these comments. They'll get their pitchforks and torches eventually.