Conclusion does not follow.

IV does much more than just buy up other people's patents and license them out. They also put considerable resources into researching and developing new inventions. How do we know that it isn't the latter activities that are responsible for the low return?

If we want to know whether patent trolling pays or not, shouldn't we look at firms that only do that? For example, Acacia Research? Acacia has done quite well financially.

They also put considerable resources into PR considering all the puff pieces out there on them.

And, right, let's look at a sample size of one to find out if trolling pays! Brilliant!

I read a puff piece on this place in Harvard Business Review. It did not have the intended puffing effect.

Just give them enough time and they'll become the Monsanto of ideas. It'll be great!