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每个风险投资者都犯过过早卖出赢家的错误，每一个风险投资者都是如此，因为如果你看看那些伟大的公司，他们在上市后积累了20年，比如Video、Google或Meta，如果你稍微有点敏感，知道这东西有
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基本上是一个多年的无限市场，你绝不应该卖出股票，持有它们能赚得更多，因为如果你将50亿美元的收益复利增长，最终可能变成500亿美元，如果我们持有Google并且不卖出，或者Nvidia，这可能达到半万亿美元
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美元，你知道，没有任何投资能给你这样的回报。你知道我们拥有Nvidia 20%的股份，想想看，我们拥有Google 10%的股份，还有很多其他，比如Apple，你开玩笑吧，我们是苹果的第一批投资者，还有Cisco，我们拥有Cisco系统四分之一的股份
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你知道这些都是大股东，还是非常大的公司，但我们都会犯这个错误。有时候最好的财务决策根本不是财务上的。比如说，如果你考虑一下Sam Walton创造的财富，显然他把财富在积累到孩子之前就捐出去了，但
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如果财富还集中在一个人手里，现在价值应该超过半万亿美元，无论现在数字是多少，你会明白他不是做财务决策，他只是喜欢沃尔玛。这又回到了Nick Sleep的观点，Nick Sleep有一句很棒的名言，他说最好的
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投资者其实根本不是投资者，而是创业者，他们从不卖出。
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every venture investor has made the mistake of selling to early their winners
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every single
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venture investors because if you look at the at the great companies they've
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compounded 20 years
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after the IPO and video or or Google or meta if you had a little sniffer that
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this thing had
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essentially an unbounded market for many years you should never sell share and
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you can make way
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more money holding those because if you're compounding a five billion dollar
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gain that can turn into a
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50 billion if we held Google and had sold gold that'd be worth or Nvidia that'd
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be half a trillion
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dollars you know and there's no investments that can give you that and you know
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we own 20%
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of Nvidia think about that I mean you know we own 10% of Google and there's
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many others you know
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Apple are you kidding me we're the first investor Apple in Apple Cisco we own a
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quarter Cisco systems
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you know those are big ownership and very big companies but we all made that
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mistake sometimes
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the best financial decisions are not financial at all so if you look at like if
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you think about
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the wealth created by Sam Walton obviously he gave it away before it
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accumulated to his kids but it
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comp you know if it was still in one person it'd be worth you know half a
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trillion whatever the
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number is now and you realize that he wasn't making a financial decision he
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just liked Walmart
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it goes back to what Nick sleeps at Nick sleep has this great quote where he's
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like the best
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investors are investors at all they're entrepreneurs you never sold
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