To the extent that valuations are being driven up by price-insensitive VCs, they'll fall again if VCs become more like super-angels and start to become more miserly about valuations.
从某种程度上来说，估值是被对于价格不敏感的风投们拉升起来的，如果风投们变得更像超级天使们且开始变得对估值变得更加吝啬，它们就将回落。
VCs form a pyramid. At the top are famous ones like Sequoia and Kleiner Perkins, but beneath those are a huge number you've never heard of.
风投公司是金字塔型的，在顶端有像Sequoia和Kleiner Perkins这样的名人，但是其下有许许多多你听都没听到过的家伙，其共同点就是他们的一块钱就是值一块钱。
If you don't seem like you have the potential to go public, you won't be able to use VCs to drive up the valuation of an angel round.
如果你看上去不像是有公开上市的潜力的话，你就不能够利用风投来拉高天使轮的估值。
VCs and founders are like two components that used to be bolted together.
风险投资和创业者就好像是两个零件，过去它们总是通过螺栓连接在一起。
But Sequoia is now saying that VCs cannot continue to fund companies that don't have a revenue model, and are distant from profitability. No more NASA-like burn rates.
现在红杉说风投公司不会再投没有盈利模式的公司，并且会远离利润，直线式的增长不会在有了。
Like no business plan, Which I say to torment all my friends who are VCs or MBAa That's always entertaining, The deal is, it 'a mixture of luck and persistence.
我这么说对于那些VC或MBA的朋友简直是种折磨，很好玩。生意的成功在于运气和坚持。
Like no business plan, Which I say to torment all my friends who are VCs or MBAa That's always entertaining, The deal is, it 'a mixture of luck and persistence.
我这么说对于那些VC或MBA的朋友简直是种折磨，很好玩。生意的成功在于运气和坚持。
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