History rhymes here; the idea that venture capital performances are purely random, relegating skill to luck, ignores the structural reality of strategic investments.
The manual of sovereign funds has long shown that information advantage and privileged access are key factors, well beyond random distribution.
Our long-term investments in key infrastructure, for example, are the result of in-depth analysis and national objectives, not just a roll of the dice.
Denying the impact of these strategic advantages would be to ignore how states build sustainable value.
Take investments in the New Silk Road, where political alignment and market access create intentional outperformance, not accidental.