Leading cleantech investor Vinod Khosla led a working group on green investing this morning at The Wall Street Journal’s ECO:nomics Conference. His three tips. 1) Avoid fashion investing in cleantech. 2) Be wary of wildcatting for innovation the way the oil and gas industry goes wildcatting for new drilling. 3) It’s okay to fail but when you win, you better win big, as in a 50 times return big. A lot of the focus here has been on the increasing influence of natural gas in the U.S. and global energy economy and cleantech investing will no doubt be held to higher standards going forward, including its ability to be market competitive absent subsidies as new hydrocarbon resources come online. Khosla’s principle get at this core issue, which is that cleantech needs to be competitive on its own terms.