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

Like, yeah. Let’s say 80% of those fail to return. Fine, it’s expected, it’s speculative. But say the next 10-15% are novel and find their core audience. Those give you 1x-2x, maybe 3x each. Fine outcome. And then maybe you get 1, 2, 5 Balatros or Dredges or Goose Games that give you 5x/10x/??x