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It's not about whether third party investment is a good idea, it's about whether the valuations third parties make are reasonable or based on hype. The cost of bubbles is in talent misallocation - could talented people be producing other things of more enduring value?

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I don't disagree, but I would suggest that if the "successes" are worth billions upon billions, then even "failures" are quite valuable as well, at whatever point in the processes they are still indistinguishable.

As hard as economic value is to quantify, "enduring value" is even harder. So I won't even attempt to make judgments on that front.

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