Indian students line up to buy forms for admission to the Delhi University’s four-year undergraduate … [+] program in New Delhi, India, Monday, June 2, 2014. (AP Photo/Tsering Topgyal)

ASSOCIATED PRESS

If you pay attention for more than even a few minutes, it’s easy to be dumbfounded by the decision-making of education and education technology investors as they routinely pour money into businesses and concepts that have no hope of working. They continually believe education ventures and education markets function like normal ventures in other markets and that what they hear from misinformed pundits is accurate. They don’t. And it’s probably not.

At the level of the individual decision and the particular funding round, there is a parade of examples. But the easiest example

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