That's not what I argued and you are misrepresenting my point. My argument is that, at least sometimes, Goldman invests in positive-sum trades which make the world better off, even if they extract too much for themselves in fees and leverage. By contrast, the various investments A16Z makes are negative-sum and only manage to make the world worse.
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That's not what I argued and you are misrepresenting my point. My argument is that, at least sometimes, Goldman invests in positive-sum trades which make the world better off, even if they extract too much for themselves in fees and leverage. By contrast, the various investments A16Z makes are negative-sum and only manage to make the world worse.