So, no it's not the Baumol effect. It's pension funds and the like with too much money chasing (paper) returns. That's why management fees are high. And they will come down as more and more competition enters the space.
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The reason why entrepreneurs become VCs is because it is so much easier to be a VC than to be an entrepreneur, plus the risk-reward payoff is significantly better because you are diversified. Also, most VCs are not only not former entrepreneurs, but they don't have the balls!https://twitter.com/paulg/status/1074690506867834885 …
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