The Weirdness of the VC Industry

Kylo: VC has always just been dumb money, largely chasing whatever everyone else is doing. Wealth is based on how others are doing and how things are framed matter for how we see the world around us. CalPERS can attest to the efficiencies of inter capital with their 0.49% annualized return on their VC portfolio from 2000 to 2020. What the heck? So it isn't working. It's a loop that will beat on to infinity because it works for some people, this model.