> And yet, on the other hand, the whole point of investing is to perennially keep a portfolio fresh and full of the most cutting edge, margin heavy firms (when

> And yet, on the other hand, the whole point of investing is to perennially keep a portfolio fresh and full of the most cutting edge, margin heavy firms (when adjusted for risk adjusted returns compared to the nominal risk free return rate). Well, theoretically anyways. I understand what you are saying here, but this perspective sees investment as the driver of the creativity of cities, while another perspective that I put more weight on is that the creativity of cities and the culture they create is a byproduct of human social/group psychology, itself a result of the fundamental reality that there is more security in numbers. Investment, whether private or public, is then just a way of incentivizing the creativity machine of natural human agglomerations to produce ever more novel stuff. Or put more succinctly: culture leads, investment follows.