Had a lot of fun explaining my best guess as to why VC makes a misjudgment about Games and thinks large scale formal is the safest investment. In normal business a $2bn market cap, 10k employee company looks like the stable bet, but they’re missing that games are speculative

If you have a $100m fund and no familiarity with games, you might incorrectly assume spending it on two $50m projects is the best route to return, but a more informed investment would be 50 projects at $2m, or 200 at $500k