“ It’s a corollary of Gresham’s law that bad investment drives out good. Suppose you’re thinking about investing in software or green tech or something else…. and suppose you know the government’s about to dump a lot of dumb money in the field, well then you don’t invest because someone who’s good at grants but probably not good at software or green tech or whatever is likely to wipe out the market for whatever you were going to invest in. If you’re going to invest at all, you try to figure out who’s going to get the government money and you put your money there. In other words, the smart money ends up front running the dumb money. Not good.
Feb 24
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