"My big feeling was I just missed it, I missed the whole thing. It had happened in the ’80s, and I got here too late." @pmarca
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That's a risk factor for individual startups and VCs, but the smaller ROI from pumping ecosystems w/more money doesn't imply that larger ecosystems are worse. Companies w/dumb money die, but ultimately generated consumption, grew the local economy, etc. The effect is ambiguous.
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Doesn't the evidence show that smartness of investment isn't all that important, just quantity of bets made? Intuition says that more capital means: - less overhead/dollar - more risk-tolerance --> more returns
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