[efficax]

investors are driven by herding behavior. for people with enormous amounts of capital to invest, the worst thing would be for them to miss out on the next big thing. If that means losing on a bunch of bets that did not turn out to be the next big thing, that's fine, so long as you don't miss out on whatever that next big thing is. We're promised AI is the next big thing, and everyone else is throwing money at it. So that means I have to throw money at it, because otherwise I would miss out.