He makes a second point as well: most government policy and private investment approaches were formulated when capital was extremely scarce. Something has clearly changed in that the Fed is creating huge sums of money yet people are just sitting on the cash and not investing. This implies that capital itself isn't nearly as scarce as it once was and that the policies and strategies of yesteryear no longer apply. He makes some policy suggestions to push investors towards empowering innovations.
Definitely an interesting and well written read.