????眼下，社交媒體、金融媒體乃至整個(gè)媒體圈都在濃墨重彩地報(bào)道一些互聯(lián)網(wǎng)大公司的股票鎖定期到期以及內(nèi)部人士賣盤的消息。作為一個(gè)風(fēng)險(xiǎn)投資者，我也賣過幾回解鎖股，在這里我想就此談?wù)勛约旱囊恍┛捶ā?/p>

????首先，這篇文章無關(guān)我所在的風(fēng)投公司已經(jīng)、可能或正在考慮對(duì)我們可能持有/或不持有的股票采取的行動(dòng)。這個(gè)免責(zé)聲明是針對(duì)那些不了解情況的人。

????當(dāng)一家風(fēng)投支持的公司公開上市，市值數(shù)十億美元（或數(shù)千億美元），向這家公司提供早期投資的投資者將擁有很多股票。他們可能很容易就獲得這些公司15-20%乃至更多的股票。即便他們擁有的股票不到10%——就像Accel Partners擁有的Facebook股份一樣——這些股票的價(jià)值可能也會(huì)達(dá)到幾十億美元。

????實(shí)現(xiàn)投資回報(bào)是投資者的職責(zé)。我再重申一遍。實(shí)現(xiàn)投資回報(bào)是投資者的職責(zé)。這是評(píng)判我們的標(biāo)準(zhǔn)。賬面收益是不錯(cuò)。但最終，對(duì)投資者的評(píng)判還要看他們獲得的現(xiàn)金或流動(dòng)股回報(bào)除以投資資本。對(duì)于一只風(fēng)險(xiǎn)投資基金而言，3倍回報(bào)算是不賴，5倍回報(bào)就可以稱得上相當(dāng)出色，10倍則要十年一遇。

????當(dāng)一位投資人看到單一持股市值已達(dá)到他們整個(gè)基金的3倍、5倍或10倍時(shí)，你可以肯定他們將鎖定這些收益。這可以產(chǎn)生出色的投資表現(xiàn)。而且，不鎖定收益的下行風(fēng)險(xiǎn)遠(yuǎn)遠(yuǎn)超出持股市值相比基金規(guī)模再漲上一、兩倍的上行風(fēng)險(xiǎn)。

????那么，問題就來了：風(fēng)險(xiǎn)投資公司是好的公開市場(chǎng)投資者嗎？他們應(yīng)當(dāng)管理/持有上市股票嗎？我手頭沒有掌握翔實(shí)的數(shù)據(jù)，但一些數(shù)據(jù)顯示，我們風(fēng)險(xiǎn)投資公司是糟糕的公開市場(chǎng)投資者。因此，很多風(fēng)險(xiǎn)投資公司的政策都是公開上市股票要盡可能快地剔除出投資組合。

????我認(rèn)為，這是一項(xiàng)好政策。風(fēng)險(xiǎn)投資就是賺取從公司初創(chuàng)到公開上市前的價(jià)值。其他人應(yīng)當(dāng)將重點(diǎn)放在賺取公開上市后的價(jià)值。

????那么，讓我們?cè)倩氐芥i定期到期和由此產(chǎn)生的內(nèi)部人士賣盤潮。這是意料之中的現(xiàn)象，事實(shí)上公開市場(chǎng)也有心理準(zhǔn)備?？纯丛谶@些新上市公司的股票鎖定期到期前幾周所有新建的空頭頭寸吧。投資者們知道將有大量股票流入市場(chǎng)，賭定它將影響股價(jià)，而且大多數(shù)情況下它的確影響了股價(jià)。就像JLM總是喜歡說“性不是這一代發(fā)明的”，這種狀況自我上世紀(jì)80年代中期進(jìn)入風(fēng)險(xiǎn)投資行業(yè)以來就一直存在，我預(yù)計(jì)還會(huì)延續(xù)比這長(zhǎng)得多的時(shí)間。

????因此，對(duì)于所有那些對(duì)當(dāng)前的內(nèi)部人士賣盤感到震驚和憤怒的人們，我建議他們將憤怒轉(zhuǎn)向資本主義的本性。那些當(dāng)年冒著血本無歸風(fēng)險(xiǎn)、押注于年僅20歲的馬克?扎克伯格的人們有權(quán)獲得回報(bào)。他們會(huì)獲得回報(bào)。不愿意這么想的人都是在逃避現(xiàn)實(shí)。

????本文作者弗萊德?威爾森（@fredwilson）從1996年起擔(dān)任風(fēng)險(xiǎn)投資人，現(xiàn)為美國(guó)合廣投資（Union Square Ventures）的執(zhí)行合伙人。他定期在www.avc.com上發(fā)表博客文章。

????譯者：早稻米

????There is a lot of sturm und drang out there in the worlds of social media, financial media and just plain media about all the lockups coming off and all the insider selling going on in some big Internet stocks. As someone who has played this game a few times, I thought I'd post some thoughts about this.

????First and foremost, this post has nothing to do with what my venture capital firm has done, might do, or is thinking about doing with specific stocks we might own or not. That's a disclaimer for those who aren't familiar with one.

????When a venture-backed company goes public and is worth billions (or even hundreds of millions), the investors who provided the early capital to that company are going to be sitting on a lot of stock. They can easily own 15-20% or more of these companies. But even if they own less than 10% -- as Accel Partners does in Facebook (FB) -- they can be looking at billions of dollars of value.

????It is an investors job to return capital. I will say that again. It is an investors job to return capital. That is how we are measured. Paper gains are fine. But at the end of the day, an investor will be measured by the amount of cash or liquid stock they return divided by the amount of cash that was invested in their fund. A multiple of three is good for a venture capital fund. A multiple of five is great. A multiple of ten is once a decade.

????When an investor is looking at a single holding being worth three, five, or possibly ten times their entire fund, you can be sure they are looking to lock in that gain. That's a recipe for fantastic performance and the downside of not locking that in is a lot bigger than the upside of another one or two times their fund size.

????And then there's the question of whether venture capital firms are good public market investors and whether they should be managing/holding public stocks. I don't have any hard data here, but my anecdotal data says that we are terrible public market investors. That is why many VC firms have a policy of moving the public stocks out of their portfolios as quickly as they can.

????I think that is a good policy. Venture capital is about capturing the value between the startup phase and the public company phase. Others should be focused on capturing the value post the public offering.

????So let's go back to the expiration of lockups and the waves of insider selling that result. This is to be expected and in fact is expected by the public markets. Look at all of the short positions that get built up in the locked up newly minted public companies in the weeks before the lockups come off. Investors know that a ton of stock is going to hit the markets and they make bets that it will impact the stock price and in most cases it does impact the stock price. As JLM likes to say "this generation did not invent sex." This has been going on since I got into the venture capital business in the mid 80s and I expect its been going on for a lot longer than that.

????So to all the folks out there who are shocked and outraged at all the insider selling going on, I would suggest they park their outrage at the door of capitalism. Those who took the risk of losing all the capital they bet on 20 year old Mark Zuckerberg are entitled to their return. And they will get it. And anyone who thinks otherwise has their head in the sand.

????Fred Wilson (@fredwilson) has been a venture capitalist since 1996, and currently serves as managing partner of Union Square Ventures. He blogs regularly at AVC.