News Snapshot:
“Capital goes where welcome, stays where well-treated.” The quote belongs to Walter Wriston, a famous U.S. banker. It is often cited as being about tax arbitrage, i.e., Switzerland, not France. But I once had a chance to ask Wriston about his quote. “It’s more than that,” he said. “The Latin word for capital is capitalis, which is the head, the source of ideas. Capital is ideas, entrepreneurs, and investment. It’s creative energy. It yearns to go where it can do exciting, productive things.” Venture capital seeks alpha investments—ones that can return 100x or more for early investors. Where does venture...
