Matt Levine’s Money Stuff: Silicon Valley Is On Drugs

The lifestyle

Uh, I don’t know, here’s one model for tech startups and venture capital:

1. Most of the returns to venture capital come from making early-stage investments in companies that go on to change the world in radical and unexpected ways.

• 2. Therefore, if you are a VC, you should make risky investments in visionary entrepreneurs with wild ideas: Many won’t work out, and some will be frauds, but one or two might hit it big, and the path to success is having one or two radical world-changing companies.

• 3. Therefore, if you are a tech entrepreneur, you should try ...