> simply that most bets are made intelligently with serious intent.

That is NOT what you said. You said this:

> Why would they all put money into this if it is so obvious to all of you that it is not going to work?

In other words: "if these companies are putting all of this money to work then it's obvious it will work"

So, no you didn't simply say "their bets are made intelligently with serious intent". No one is saying these companies aren't serious about it, they are saying there are legitimate physics limitations involved here that are either being ignored or the companies are betting on a novel scientific breakthrough.

> your take on investors is naive and largely incorrect - its the musical chairs theory of markets.

Then you clearly have never worked with investors before.