再一次地需要指出，降低风险对最终回报率的影响有限。关键依然是挑选最好的经理。你可以只支付0.5%的管理费，但如果这家风投公司选错公司（或出价太高），你还是会亏钱。

    对我而言，考夫曼从“有限合伙人（而非一般合伙人）的责任”角度丰富了“VC模式破裂”论。我同意有限合伙人需要做出很大的改变，但只有实际的风投投资（即投资私营初创企业的一般合伙人）继续有获得超额回报的巨大潜力，这样的改变也有意义。多年前，Sevin Rosen就在强调相应改革，但它完全扼杀了募资，并没有提供一个独特的基金结构。

    早期投资目前仍完好——需要改变的是支持此类投资的风投模式。

    译者：老榆木

    And, again, risk mitigation only would have a limited impact on ultimate returns. The key remains picking the best managers. You can pay 0.5% management fees, but if the VC picks bad companies (or overpays) then you're still in the red.

    For me, Kauffman points out an important distinction in the "VC model is broken" argument, by delving down into LP commitments rather than GP commitments. I'll happily concede that the former needs vast improvement, while continuing to believe that such alterations only matter because actual venture capital investments (i.e., GPs investing in private startups) continues to hold great potential for outsized returns. Sevin Rosen was arguing on the latter slope years ago, given that it killed fundraising altogether, rather than offering up a unique fund structure.

    Early-stage investing remains fine – it's what supports such investing that needs fixing.