one thing to keep in mind when asking, "how could vcs be so dumb as to start a run on their best banking partner"...these guys are OBSESSED with apocalyptic risk. they see it everywhere. 1/ its a point of pride, an intellectual fascination, and a way to get cred. Thiel is big into this, and I wrote about it quite in my book, but the mindset is pretty common throughout the venture capital world. 2/

I’ve got a cover story @BW this week on the long unfulfilled promise self driving cars, and the industry pioneer who now says the whole thing has been wildly overhyped bloomberg.com/news/features/… The paradox I tried to wrestle with: the technology is objectively amazing—and yet after more than a decade at the, the most sophisticated engineers and entrepreneurs in the world can’t turn left twitter.com/i/web/status/1…