I agree with you, it is risky, I have no insights into the data but I would imagine that those risks are being calculated with previous W/L taken into account.

We all know there is no 'sure thing' when investing, but if you're a large money manager, you generally want to maximise profits, looking through history, the 'quickest' earners are usually always those from OP, speculation, market share and IPO.. The 'bubble' of these seems to be loosing air but I'm purely speculating based on the tech job market so I could be completely wrong.

There's a point of view that smart investors did, and dumb investors were left holding the bag.

If that's your belief, then thinking it's risky and you may lose your shirt requires believing that you may not be smart. Which is a tough thing to accept for a lot of people, especially ones who think investment success is all about smarts and not luck.