> investors aren't usually stupid Citation needed. Every portfolio I've looked at outside of the top firms has had multiple investments (approved by partners)

> investors aren't usually stupid Citation needed. Every portfolio I've looked at outside of the top firms has had multiple investments (approved by partners) that to my mind look mind bogglingly dumb. Not Theranos level of dumb, where they'd have to have a little knowledge of blood based diagnostics and the statistical significance of results from finger pricks to know its a fraud, but "we didn't do due diligence and found out that this is a perpetual motion machine/founder doesn't own critical IP/financials don't make sense in any universe" levels of dumb. The former slip through the cracks at even the best firms, but the latter is like watching a slow motion train wreck. With the benefit of hindsight, the entire industry looks like thousands of monkeys with typewriters (especially when biotech gets frothy).