In recent years, one of Silicon Valley’s most successful investors has been leading a split life. His friends know that he is gay, and so do most of his colleagues. They could not care less. But this man – I shall call him Bob – has never “come out”.

He does not discuss gay issues in public, or bring his partner to functions. “Silicon Valley is a boys’ club,” one long-time friend explains; apparently Bob fears that if he reveals his sexuality, he will suffer a handicap in the race to raise funds.

This is a paradox of American business life in 2014, and one that is overdue for change. In June, America is officially celebrating Lesbian, Gay, Bisexual and Transgender Pride Month. And Washington and Wall Street are scrambling to show that they are politically correct by backing “diversity” and the LGBT cause.