It seems the world has internalized ‘too big to fail’ and is operating on the assumption that governments will apply Keynsian rescues to any failing large business. This results in private investment trying to ‘buy the dip’ expecting the inevitable bounce. Even private lenders are starting to eclipse VCs in their profligate spending on failing startups. ‘Fail often and learn’ goes against Buffet’s dictum-‘dont lose money’. And the winners in this game can only be the gatekeepers