The Nature of Humanity Is We Overreach

If you look at the evidence, most startups don't work. Most active investing doesn't work. And all of these are done by smart, sophisticated people. But should there be less of this given how much of it doesn't work? I think that as long as you don't get huge amounts of capital being wasted along the way, I think that you will know people will spend their hours, their days, starting businesses that go nowhere.

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