Bulls leave venture capital on the sidelines

A global decline in venture capital has taken seasoned observers aback and raised questions about who will fund big speculative innovation bets in the future.

In recent months, it might seem as if investors have fallen in love with risky corporate bets. For as central banks have pumped eye-popping sums into the system, spreads on high yield bonds and leveraged loans have collapsed, as investors have gobbled up that risk.

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