If later comers took more capital risk, in what way did they take less risk, exactly? The semantics matter here. Perhaps the later comers were more opportunist

If later comers took more capital risk, in what way did they take less risk, exactly? The semantics matter here. Perhaps the later comers were more opportunistic and optimistic about the likelihood of achieving a favorable return. But they had to take more risk, since they were later to the party and risked more capital (as you noted).