People really can't predict what investments represent the bonfire vs. good investments, and even if they get that right, it's even harder to get the timing rig

People really can't predict what investments represent the bonfire vs. good investments, and even if they get that right, it's even harder to get the timing right. For example myspace vs. facebook, webvan vs. amazon vs. instacart. You can also look at physical industries like the aerospace boom after WW2 that brought us into the jet age. The high influx of cash allows huge numbers of companies to bloom, representing the testing of lots of ideas and designs in parallel. Many aerospace companies failed, just as many tech companies have failed, but those tests accelerate innovation.