More early stage capital, Theresa argues, will lead to more investible social businesses for the larger funds.

Theresa议论道，资本投入在越早的阶段，就会使社会企业对于那些更大的金主们变得更具投资性。

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In a letter to his funds' investors quoted by Bloomberg, Paulson wrote: "we believe we are in the early stage of a correction in this market and that the market will eventually implode."

《布隆·伯格》引用了一封鲍尔森写给他的投资者们的信“我相信我们正处于纠正市场的早期位置，这个市场最终会突然崩溃。”

youdao

Revenues are also down, with a handful of large biotechs like Amgen (AMGN) making the lion's share of money while the majority of biotechs struggle to raise funds, especially for early stage projects.

营收也出现下滑，安进(Amgen)等少数几个大型生物技术公司掳走了大部分资金，而其他绝大多数的生物技术公司则面临着筹资困难，处于早期阶段的项目更是如此。

youdao

The best performing early-stage funds always do better than the best performing growth-stage funds because they get in earlier at lower valuations.

FORBES: Talk With A VC: SoftBank On IPOs And Investment Theses

If you go back and look at the industry statistics and returns of growth-stage funds as a whole vs. early-stage funds as a whole, the returns over time tend to be quite similar.

FORBES: Talk With A VC: SoftBank On IPOs And Investment Theses

The NASDAQ Composite beats later and expansion stage funds and all the public indexes beat early and multi-stage funds.

FORBES: Venture Capital Returns Are Beaten By NASDAQ, S&P and DJIA