WHAT HE SAID:  Most of the financing is equity based. Transformative technologies are always accompanied by malinvestment to a greater or lesser extent because investors are not psychic and cannot predict with certainty which businesses will win. This happened with railroads, with the telegraph, with automobiles, and with the internet. It’s healthy; if there wasn’t a considerable amount of malinvestment it would mean that people were too scared to put capital on a giant society-improving opportunity.

And for the X-cused.