> But a different reality is being whispered about in the power corridors of Riyadh and Wall Street: The kingdom’s vaunted Public Investment Fund, which Saudi Arabia has typically used to fulfill commitments like the one it made this week in Washington, is running low on cash for new investments.

> That’s in large part because Prince Mohammed and his deputies have spent a vast portion of the nation’s bounty on projects that are in financial distress, and they are frantically trying to turn things around ...

> While PIF says it holds nearly $1 trillion in assets, a huge portion of its portfolio is tied up in hard-to-sell assets for which no public valuations are available. Its representatives have begun telling international investors that it is all but unable to allocate any more money for the foreseeable future, six people with knowledge of those discussions said.

I think it's a very good lesson: Investment isn't easy, and even Saudi Arabia's sovereign wealth fund can run dry. Also, cronyism and corruption result in investments chosen for reasons other than profitability.