Matt Levine, describing in vivid detail how the financial industry creates value, by taking an enterprise which is very risky and transforming it into a selection of different risk/reward options, allowing investors at different tolerances to join forces: https://www.bloomberg.com/opinion/articles/2019-02-13/santander-didn-t-pay-its-non-debt …
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There are angels/accelerators who specialize in market risk ("Will anyone want that?"). There are VC firms which specialize in execution risk ("Can this team scale to a materially size business?"). There are growth firms which specialize in, essentially, sector/timing risk.
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("Will the IPO window be open for this company in 18~36 months?") No single actor there was capable of making all the bets on day one, and *none needed to be*.
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