Youtube Compilation Question

Is it ok to compile clips from other youtube videos into one compilation video and upload it to youtube with your own logo/intro? ie. best fails of 2016... I see it done all the time but wondering if this is actually allowed or violating any Terms.

On Google's article titled Video monetization criteria it says that:

Examples of content that would NOT be eligible for monetization

• Your video has music you purchased on iTunes or content you taped off of television.
• You edit together a compilation of content created by others.
• Content with violence and/or nudity meant to shock and disgust.

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Maybe adding certain effects can make your video original content; hope this helps.