Buffet has a statement to the effect of, "Don't lose money" and that really is the core tenet of investing. Missing some monster hits is fine and normal and preferred to putting money into big failures.
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It has even happened to Buffet. Regarding the sale of his shares in Paramount:
“Actually, owning Paramount made me think even deeper, but I certainly looked harder about the whole question of what people do with their leisure time and what the governing principles are of running an entertainment business of any sort, whether it’s sports or movies or whatever it might be,” Buffett said. “I think I’m smarter now than I was a couple years ago, but I also think I’m poorer because I acquired the knowledge in the manner I did.” ← great quote
Source: https://www.hollywoodreporter.com/business/business-news/war...
Buffet also lost billions in buying Dexter shoes or whatever the name was.
Buffet operates in an entirely different space than these people.
VCs brand themselves as finding the next growth monsters. It's fine if they want to "find companies that you can reliably value and are undervalued by the market" (which is what Buffet does), but then don't market yourself as a VC.