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> So it is a game of being the one that is left standing

Or the last investor. When this type of money is raised, you can be sure the earlier investors are looking for ways to have a soft landing.

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I'm not sure many investors are investing their own money. They are investing other people's money, maybe owned by shareholders of large companies in turn owned by our pension funds.

It might not be their money, but they are paid a management fee and if they cannot provide some return, people will stop using them.

The kind of thing that happens is Joe Bloggs runs the Fidelity Hot Tech fund, up 50% over the last three years. Then when it crashes that's closed and Joe is switched to the Fidelity Safe Income fund with no down years for the last five years.

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