[cowsandmilk]

Expanding a bit, HBR argues:

> pouring more capital into VC has historically led to lower returns

Why this is unexpected is beyond me. More money should mean more competition. He's essentially arguing that we should allow VCs to keep exclusivity on the market because historically their returns have gone down as exclusivity has decreased.

There may be argument that the startup market may have more scams than the public markets and so on, but the author at HBR is not arguing that. He's arguing that a natural function of opening up a market is a bad thing because it provides less returns to the existing players.