Of course it's related to the business proposition of investing in those companies. I never suggested otherwise. I'm talking about the consequences of the dynamic.
Most of the money invested in tech (excl early VC money, which is a small portion) very little is "true" capital investment. It's like the difference between investing in swappable corn notes and investing in seed corn which is going to be planted. One results in more corn. The other might be more profitable, depending on the year.
Most of the money invested in tech (excl early VC money, which is a small portion) very little is "true" capital investment. It's like the difference between investing in swappable corn notes and investing in seed corn which is going to be planted. One results in more corn. The other might be more profitable, depending on the year.