| 作者 |
 Loser:安校fund Risk and Reward分析.斑竹shall not delete this post! |
 |
| 所跟贴 |
Attachment: Why we shall classify Mr. 安校's fund as an "Angel fund" -- 游客 - (1800 Byte) 2005-8-15 周一, 08:22 (505 reads) |
DFS
头衔: 海归中尉
加入时间: 2005/05/04
文章: 23
海归分: 5987
|
|
|
作者：DFS 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
>>>>>题：To: Loser,安校's fund is very risky,be prepare 输成光屁股 (海归论坛 www.haiguinet.com)
>>>>>Believe or not, Mr. An Xiao's fund is definitely not for small investors like you. Since he has stated in public that they are not going to compete with VC, therefore, the chance for their success is very small. (海归论坛 www.haiguinet.com)
Please excuse my ignorance…Why is it that the chance for success relies heavily on whether to compete with VCs or not? I can understand that avoiding competing with VCs will restrain a fund to prosper from certain opportunities, yet I failed to comprehend the rationales behind this dependency. Having certain disciplined restrictions isn’t a bad thing…let’s use mutual fund as an example, a great number of funds have various restrictions in their prospectus, and of course these restrictions they impose on themselves aren’t designed to minimize their success (aka RR).
I am even more puzzled – what differences does it make whether you are a small investor or a titan of deep pocket with regards to investing into a fund, except for a minor difference in their respective expense ratio. Enlighten me, please.
>>>>>If one cannot compete with VC, his fund is more like an angel fund. Most angel funds are invested in very early stage startup companies, they simply don't have money to compete with VCs for late stage IPO companies.The chance for them to hit an IPO is less than 5% in good days during 1990-2000. Now the chance is mostly under 2%. Assuming Mr. An's Fund achieved 5% success probability (best hope if they cannot compete with big VC for late IPO companies), then their fund has to invest in at least 20 startups in order to hit a big money-IPO or Merger with a public company. Mr. An has stated that they are going to invest in just few companies for 50 Millions of fund, therefore, if you consider the risk, it is more likely you are going to lost all your money invested in his fund. (海归论坛 www.haiguinet.com) (海归论坛 www.haiguinet.com)
I think the 2% and 5% that you are talking about are average numbers, right? I did not verify the numbers, but these numbers are not defying the common perspective. But IPO is not the only way to harvest, there are other ways as well such as M&A, MBO, just to name a few.
Based upon your assumption, the result is that “loser” will “more likely you are going to lose all your money invested in his fund”
I would like to ask: On what ground did you draw up your assumption? I would suggest you, at minimum, use this fund past performance data as your references. Groundless assumptions can only lead meaningless conclusions.
>>>>>The chance for Mr. An to invest in a Chinese company that can go IPO within a year without competing with big VC is almost none. (海归论坛 www.haiguinet.com) (海归论坛 www.haiguinet.com)
>>>>>The advice to you is to only invest in the money you can afford to loose all without having changing your life style. You shall never invest more than 20 % of your money in an angel fund described by Mr. An Xiao. (海归论坛 www.haiguinet.com)
Why is no more than 20%??? Help me! Based on your conclusions (“not for small investors like you” , “more likely to lose all you money”, “chance is small”, “inexperienced fund mgr”, and etc), I could not believe that at last you were still suggesting “loser” to invest! Should you be suggesting “loser” that he/she shouldn’t touch this fund even with a 50 feet pole instead? Sign…
>>>>Believe or not, based on Mr. An Xiao's post on this site, he does not have much experience in investing in Angel fund. A good angel fund manager will never invest in less than 20 companies with their funds. You must be prepared to loose all your money with Mr. AN Xiao's management.
In all honesty, I have no clue whether Mr. An is a seasoned talent in investment business where he excels, or a lousy one. Nevertheless, I enjoy reading his stuff just like many others in this space. I don’t care for neither do I pass judgments on his profession.
Never say never – did anyone teach you this timeless piece of wisdom? Anyone remembers the Chinese female athlete who competed in Athena for women’s 10,000m. She surely ran with a very unusual/distinguish style with a very stiff upper body. I bet you that a lot of people had said a good athlete would never run with this kind of style. She was not very elegant for sure, but she wasn’t shabby at all.
作者：DFS 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
| 相关主题 |
| To: Loser,安校's fund is very risky,be ...
|
海归论坛 |
2005-8-14 周日, 21:38 |
| 八戒做论坛斑竹的时间不是很长, 个人认为, 250 的车轱辘, 安校的黄埔...
|
海归论坛 |
2005-11-17 周四, 04:20 |
| 关于昨晚改变注册程序导致误改斑竹登陆页面的说明并向安校长再次道歉
|
海归论坛 |
2004-1-23 周五, 20:35 |
| 不知道有没有《海归黄埔军校课程》这一专题， 没有的话， 斑竹， 我提议设一个。
|
海归论坛 |
2003-10-11 周六, 21:29 |
| 给校长和其他做private equity和hedge fund的朋友们提...
|
海归论坛 |
2007-2-20 周二, 15:29 |
| [问题]请教校长 关于一个private equity fund - Ap...
|
海归论坛 |
2006-9-15 周五, 09:01 |
| [报到]海归网复活恍如诈SHI！一直挂念：老狼群P成功了吗？九哥结新欢了吗...
|
海归主坛 |
2020-7-14 周二, 06:24 |
| 一人合唱 《校园的早晨》 GeorgeTown University
|
高山流水 |
2018-10-09 周二, 01:30 |
| |
|
|
|
| 返回顶端 |
|
 |
|
| |
|
|
|
您不能在本论坛发表新主题, 不能回复主题, 不能编辑自己的文章, 不能删除自己的文章, 不能发表投票, 您 不可以 发表活动帖子在本论坛, 不能添加附件不能下载文件, |
|
|
