Melinda Gates, a silly woman with an enormously wealthy husband, has decided to reinvent herself as a venture capitalist. With a difference. With her husband’s billions, Mrs. Gates announced her intention to venture into funding start-up companies that are likely to fail. In an interview with Fortune Magazine, Gates “bashed ‘white guys,'” and vowed to favor women and people of color in her investment choices. Using pigment and gender as criteria in allocating her abundant resources is hardly a prudent investment strategy. But Mrs. Gates can afford to lose money. Her husband is Bill Gates, a lily-white billionaire (with lots...