有了解vc和pe的牛人可否解释下这两句谚语？
"Dogs die before winners run" and "Lemons mature faster than pearls." http://www.enterprisehonolulu.com/html/pdf/Final%20Draft%20Cap%20Form%2010.01.2003%20Rev2.pdf
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The reasons for the J-Curve pattern follow:
"Dogs die before winners run" and "Lemons mature faster than pearls."
Writedowns and write-offs of investments come early in a partnerships life,
while ultimate realizations, and capital gains, often take much longer to
develop. Although the highflying years of th
