Isn't it obvious that the truth about power law returns varies considerably from context to context?
What is relevant for Silicon Valley or even Hong Kong does not apply universally to every jurisdiction.
Here in Canada, the importance of pension funds and sovereign funds with long-term investment horizons alters the dynamics, reducing dependence on extreme returns.
A manager in Quebec with a long-term mandate can afford a more gradual approach, less obsessed with unicorn hits.
Our regime favors stability and diversification, which is quite different from a race for soaring valuations.