That's how it happened, but it's also a display of tragic lack of creativity: the way to fund something like Makani is not to pretend that they would be rationa

That's how it happened, but it's also a display of tragic lack of creativity: the way to fund something like Makani is not to pretend that they would be rational bets. If they were rational everyone would be doing them. I think they could and should be "sold" to shareholders more honestly and sustainably as a brand maintenance efforts like the Oracle boats. On the slim chance that they end up turning a profit nonetheless nobody will complain. Perhaps the failure to put smaller projects like Makani on that track is a consequence of the old Google exceptionalism attitude. (Smaller projects, because Waymo certainly wouldn't fit that framework. But Waymo is sitting right at the ad business core: "ok car, take me to an Italian restaurant" would be 100% directory ad business)