Maybe the horse will sing

Google may have a poor record at venture-capital style investments. But leaving it to the pros might not be a better answer. The VC industry is drowning in funds, and the problem is getting worse. The evidence is circumstantial, but persuasive. Over the past six years, about twice as much has been invested every year by funds and small «angel» investors than has been taken out. As a result, returns have suffered. True, it takes several years for early-stage investments to ripen. But the median ...