Even technology feels a little bit like that. Anybody with moderate success - either as a founder or leader at a successful startup - seems to turn into an inve

Even technology feels a little bit like that. Anybody with moderate success - either as a founder or leader at a successful startup - seems to turn into an investor. Over time, the industry turned into an inverted pyramid with more money managers than operators. 2% management fees are easy money, and 20% of gains encourages gambling. So much capital burning a hole in the pockets of novice investors drove bad investments, and ultimately the most recent financial downturn happened as LPs wised up. We glorify operators who keep operating - such as Elon, Zuck, and Bezos - but, few people seem to do it. Long live the operators.