It would be useful to create a spectrum of investments where survivorship bias is more or less likely to be the complete explanation.
From what I've read of stock investing, it's almost pure survivorship bias. The total number of investors guarantees some spectacular results by luck alone.
To what extent is angel investing similar, and different? Angels often have significant business experience and some insider knowledge (i.e. They may know the person or industry in question far better than the market on the whole could)
On the other hand, there are a fair number of angels, which raises the odds of survivorship bias.
From what I've read of stock investing, it's almost pure survivorship bias. The total number of investors guarantees some spectacular results by luck alone.
To what extent is angel investing similar, and different? Angels often have significant business experience and some insider knowledge (i.e. They may know the person or industry in question far better than the market on the whole could)
On the other hand, there are a fair number of angels, which raises the odds of survivorship bias.