By JAMES K. GLASSMAN

Whether it’s Cleantech, renewable energy biofuels or other so-called “green” investments, the smart money is doing some early stage investing. This type of investing is risky and requires patience.

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IN THE VENTURE-CAPITAL SHOPS of Silicon Valley, where the smart money backed such high-tech start-ups as Google and Yahoo, the hot subjects these days are renewable energy, biofuels and other “clean and green” investments.

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