First, I never wrote that "most" of the money is reinvested in the Valley. I wrote that "a lot of the money is invested back into the Valley." Need evidence? Ta

First, I never wrote that "most" of the money is reinvested in the Valley. I wrote that "a lot of the money is invested back into the Valley." Need evidence? Take a look at any of the increasingly common million-dollar seed stage party rounds and who the investors are. It's not cattle ranchers from Texas. As for the financial services industry ("Wall Street"), this doesn't exist in a separate bubble. Who led Uber's recent $1.2 billion round? Fidelity. Who else participated? Blackrock and Wellington Management.