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The problem is there is so much 'dumb' money out there 'smart' money is just noise. If you have 50 million to invest then investing 200k in 250 company's at random is a perfectly reasonable choice. And 50 million is a tiny slice of a ridiculously big pie, people spend close to that doing due diligence on really big deals.

Yep, that's why I meant by "oversupply". The dumb money is rather plentiful, and quite desperate for a ROI, so it's thrashing around making lots of noise.

It's also an interesting departure from the 19th century when capital was scarce and labor was plentiful. These days qualified labor, or as we call it now, "talent" is in short supply and capital is plentiful. It's as if the capitalism has ran its course and produced what it could in the end - abundance of capital. Not a bad time to be on the "talent" side of the table.

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