Just doing my regular re-read of Maciej Ceglowski’s amazing lectures. This one jumped out: http://idlewords.com/talks/what_happens_next_will_amaze_you.htm
"Our venture capitalists have an easy answer: let the markets do the work. We’ll try crazy ideas, most of them will fail, but those few that succeed will eventually change the world.
But there’s something very fishy about California capitalism.
Investing has become the genteel occupation of our gentry, like having a country estate used to be in England. It’s a class marker and a socially acceptable way for rich techies to pass their time. Gentlemen investors decide what ideas are worth pursuing, and the people pitching to them tailor their proposals accordingly.
The companies that come out of this are no longer pursuing profit, or even revenue. Instead, the measure of their success is valuation—how much money they’ve convinced people to tell them they’re worth.
There’s an element of fantasy to the whole enterprise that even the tech elite is starting to find unsettling.
So what kinds of ideas do California central planners think are going to change the world?
Well, right now, they want to build space rockets and make themselves immortal. I wish I was kidding."