Well, if the available resources are being bid up by billions going into goofy ideas, then the cost to the "rational" investor has gone up. The resources for t

Well, if the available resources are being bid up by billions going into goofy ideas, then the cost to the "rational" investor has gone up. The resources for the $40billion startup didn't get created out of thin air by the Softbank money, they got taken from a finite pool, and thus are unavailable for other startups. Softbank pushed money into the startup space, but didn't add any real resources, so it just distorted the ability of the market to allocate them appropriately.