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It’s a good point about tech in general but not particular regions. Regions have died as tech hubs before after a few cycles of ups and downs. It happened to NY, it happened to Detroit. Housing undersupply and financial oversupply are 2 structural indicators.
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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