I like his comparison of how the emergence of the auto industry was a way new wealth was created by entrepreneurs and old wealth was destroyed through bad inves

I like his comparison of how the emergence of the auto industry was a way new wealth was created by entrepreneurs and old wealth was destroyed through bad investments. He says he sees a similarity in tech booms. There is a real value in the frothyness of tech bubbles. Capital can't accumulate forever. People need to be convinced to make bad investments. In that sense unsuccessful VCs serve a useful purpose.