There’s a lot more to winning elections than dominating the airwaves. Yet every election cycle it seems there’s a wealthy candidate — or two, or three — who believes he can advertise his way to success.

Billionaire hedge fund manager Tom Steyer became the latest in a long line of self-funding candidates to crash and burn with voters this weekend. (President Trump, who vowed to self-fund much of his 2016 campaign, ended up raising more money from small donors than any candidate in history.)

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