it's not the process that's broken, and you shouldn't let this skew your future investments
" If there is no Return on Capital – why provide such capital? "
there in is the problem
it's a vicious circle
fewer people participate, because fewer believe in the future, so the lower the price needed to entice so the greater affect of dilution, and the less money gets raised so the sooner they have to raise again.
until, of course it's not
have a look at 2006. couldn't get enough because the returns were so good.
then it's a virtuous circle
so there's a lower 'rising tide', that will change
consider each company and situation on their own merits is the way to go
write the process off as broken, and you'll likely miss some of the best opportunities over the next few years
only to come back when the process works again ala 2006
