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moonbasa(倪正东：周鸿祎是我们当时闭着眼投的)

清华,中国,的是moonbasa(倪正东：周鸿祎是我们当时闭着眼投的)

发布时间：2016-12-08加入收藏来源：互联网点击：

I think this state of mind remained unchanged.

艾诚：很多中国的企业不再拼利润、营收、用户，而是拼用多快的时间可以达到估值10亿美元以上。

Gloria Ai: Many Chinese firms are no longer competingon profits, revenues or number of users, but competing on how fast it takes toreach a billion dollar valuation.

其实不管是在中国还是全球，在资本快速发展的过程中俨然有很多的泡沫，您会不会担心泡沫甚嚣尘上，会导致大量的创投企业死亡？

Actually, no matter in China or around the world, during this fast capital development process, there appear to be lots of bubbles. Would you be worried that during this bubble period, many startups will die out?

倪正东：其实很多方面在美国发生的事情在中国也是会发生的，我2003年去美国见到美国的VC，2008年再见他们的时候，三分之二已经消失了，所以这个市场是非常残酷的。

Gavin Ni: Actually many things that happened in America will also happen in China. In 2003, I went to the US and visited many US VCs. When I tried to meet them again in 2008, two-thirds of them disappeared. So this market is very cruel.

艾诚：那是什么决定了创投机构基业常青或者失败离场？

Gloria Ai: Then what determines whether a VC will be long-lasting or fail?

倪正东：其实我觉得做投资机构，最重要的还是持续投资好的公司。你能募到钱，能投到好的公司，能做好管理，能退出，这是非常重要的。

Gavin Ni: The most important thing for an investment organization is to be able to continuously invest in good firms. You are able to raise capital, invest in good firms, manage things well, and make your exit.

这个行业不是靠嘴的，是靠投资案例的，你投了什么公司，占多少股权，赚了多少钱，非常非常明确，不要讲那些纸面上的东西，而是让投资人、出资人得到钱，这是最关键的。

These are very important. This industry is not about pitching, but it is based on successful investment cases. Which company did you invest in, how many shares do you have, how much did you earn, are all very clear. Do not talk about how much it is valued on paper, but how much money have your LP actually received. This is the most important.

一个投资机构不在于它今天怎么样，而是长期来看怎么样，我们这个都是以十年作为标准的。

So the success of an investment firm does not depend on how it is doing today, but how it is in the long-term. In our industry, we measure it over the course of 10 years.

艾诚：您曾经说过，投资的活儿是专业的活儿，投资界行业是要看人和看事的，在这个行业待的越久，越觉得人难以判断，为什么？

Gloria Ai: You used to say that investing is a professional thing, one needs to check out both the people and the business, and the longer one stays in this industry, the more it feels that people are hard to judge. Why is that?

倪正东：帮我们赚钱的公司，都是人投对了。09年投周鸿祎，其实我们也是闭着眼睛投的，你说对他的商业模式、财务报表、客户有多了解，其实并不是，就觉着周鸿祎是一杆枪，他能成功。

Gavin Ni: The companies that helped us to earn money were the ones which we invested in the right people. In 2009, when we invested in Zhou Hongyi, actually, it was based on a gut feeling. You say how much you understand his business model, his financial sheets or his clients, it is actually not like that. I just felt that Zhou Hongyi was a good shot, he can succeed.

京东当年的估值是5000万美元，没人愿意投刘强东。所以我觉得投资人比较大的一个困难，不是对事的判断，而是对人的判断。

JD was valued at 50 million dollars, and no one wanted to invest in him. So I feel what is hard for the investors is not to judge the business, but the people.

艾诚：有人说投资就是投国运，投资人对于宏观的经济、微观的企业都是非常敏感的，对于未来，您是更焦虑了还是更自信了？

Gloria Ai: Some say, investing is to invest in the future of a country. Investors are very sensitive to the macroeconomic situation and the micro-conditions on the company level. Facing the future, are you more anxious or more confident?

倪正东：今天我们都要感谢40年前的改革开放，如果没有改革开放，我们也不可能读书、读大学、创业、创投，我们40年取得了巨大的成就，全世界有目共睹。但未来是什么样的？今年我们都特别焦虑，特别特别焦虑。

Gavin Ni: We all have to thank "the reform and opening up" from 40 years ago. Without "the reform and opening up", we would not be able to get an education, to go to college, to found a startup, or join a VC. We had huge achievements in the past 40 years, which are well-received around the world. But how the future will look like? We are all very anxious this year, very very anxious.

在北京，如果你一个人还好一点，如果几个兄弟在一块儿，每个人都说的是坏消息，大家都是负能量，大家坐一块儿其实很焦虑。

In Beijing, it is better if you are alone. When you gather with a few friends from the VC circle, everyone is talking about bad news, so everyone is full of negative energy, and people get more anxious when gathering together.

但雨天过后肯定是晴天，我相信我们投资界今年面临的这些焦虑，面临的这些挑战，不管是注册的问题、税收的问题、募资的问题，过了今年明年或许就不是问题了，所以我们要乐观一点。

But whatever it turns out, everything will be good eventually. So I believe that, all the worries, challenges we are facing in the VC circle this year, no matter about registrations, taxation, or fundraising, they won't be aproblem next year. So we have to be optimistic.

—END—

本文到此结束，希望对大家有所帮助呢。

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