> "The US tech sector was good at convincing them that investments would perform highly" Part of the issue is that the VCs got very good at convincing themselv

> "The US tech sector was good at convincing them that investments would perform highly" Part of the issue is that the VCs got very good at convincing themselves that they were geniuses at picking winners, even though in hindsight they clearly had no clothes on. Yeah, low interest rates and cheap money chasing returns definitely helped fuel a historic immolation of vast sums of money, but I feel like it'd be remiss to discuss this without pointing out the complete fecklessness of the VCs in general. These people spent years talking up their thought leadership and their uncanny ability to pick winners, and how it made them Galt-like messianic figures. Any criticism or even just skepticism was derided as anti-progress luddites, or worse - corrupt agents of an evil incumbency. They anointed themselves the heralds of progress itself, in a way that was plainly unearned. I really hope (but am not holding my breath for) a changing of the guard this time around. So much human progress has been denied because we allocated capital so poorly - and chose such incredibly poor stewards for capital allocation.