VC’s entered the golden age after 1979. In ’78 capital gains rates fell to 28% from 49.5%. Although that was good for the make-it side, get it side burst open when ERISA (78) permitted pension funds to invest.
The big secret of capital is that it requires labor’s money.

“Business lack confidence” is offered, almost reflexively, as the answer to lack of job creation. With that statement further thought is forgone, missing the greater caution. The honest answer is that business doesn’t hire because there is no need for more employees.

After many years in silicon valley, I learned a constant, the valley creates jobs for very few americans. That is the norm. Innovation is low in the valley, that is the secret.

No need for workers. That is the utopia of capital. We can see that light on the hill of the perfect city.