内容简介

如果你只能读一本关于风险投资的书，那么请读这本。

这是风险投资真实运作的故事。在很多人的印象里，风险投资一直是神话般的存在，掌握着改变风向和创造巨额财富的密码。这本书可以帮助你打开风险投资神话般的外壳，如穿越时间的虫洞般，窥见其中关于人性、时代、财富甚至资本善恶的秘密。它将硅谷传奇企业与人物的故事与对风投行业发展脉络的洞见交织起来，首度权威揭秘硅谷指数级技术革命背后的千亿资本运作实情。

它揭示了驱动风投行业、整个硅谷乃至整个世界的基本原理——指数法则。风投的蕞大秘密是蕞佳投资所创回报等于或超过基金其他部分的收益总和。成功虽是罕见的，但成功所带来的影响力却是变革性的。也正因如此，风险投资家总是有着异乎常人的洞察力和直觉,有着对于风险的偏好和对失败的宽容,他们面对巨大的不确定性敢于大举押注。对于他们而言，那些看似疯狂的梦想，越是大胆、越是看起来不可能，就越有价值。风险投资不只是一个生意，也是一种能带来社会进步的方法、思维方式和哲学，通过大胆支持勇敢的创新者来更好满足人类的需求和欲望，甚至可以说，风险投资本身就是巨大的创新。

作者简介

塞巴斯蒂安·马拉比

美国外交关系委员会保罗·沃尔克国际经济高阶研究员，曾任《金融时报》编辑并两度入围新闻领域的“奥斯卡”普利策奖。其著作包括《格林斯潘传》、《富可敌国》等。

译者简介

田轩

清华大学五道口金融学院副院长、清华大学国家金融研究院副院长、金融学讲席教授，主要研究领域包括公司金融、风险投资、企业创新和并购重组，入选爱思唯尔（Elsevier）“中国高被引学者”榜单。所著《创新的资本逻辑》（1st edition）荣获北京市第十六届哲学社会科学YOUXIU成果奖。

教育部“长江学者”特聘教授（2016）、国家杰出青年基金获得者、北京市ZHUOYUE青年科学家获得者、兼任深交所首届创业板上市委员会委员和首届并购重组委员会委员、tong战部党外知识分子建言献策专家组成员，曾任中国证监会第六届上市公司并购重组审核委员会委员和世界银行咨询专家。

Content introduction

If you can only read one book on venture capital, read this one.

This is the real story of how venture capital works. Many people are under the impression that venture capital has always been a mythical existence, holding the code to change the wind and create great wealth. This book can help you open the mythic shell of venture capital, like a wormhole through time, and peek into the secrets of human nature, times, wealth, and even the good and evil of capital. It combines the stories of Silicon Valley's legendary companies and people with insights into the development of the venture capital industry, and for the first time, it authoritative reveals the truth about the operation of 100 billion capital behind Silicon Valley's exponential technological revolution.

It reveals the fundamental principle that drives the venture capital industry, Silicon Valley as a whole, and the world as a whole - the exponential law. The worst secret of venture capital is that the best investments generate returns equal to or greater than the sum of the rest of the fund. Success is rare, but its impact is transformative. Because of this, venture capitalists always have extraordinary insight and intuition, have a appetite for risk and tolerance for failure, and dare to make big bets in the face of great uncertainty. To them, the bolder and more improbable the seemingly crazy dream, the more valuable it is. Venture capital is not only a business, but also a method, way of thinking and philosophy that can bring social progress, better meet human needs and desires by boldly supporting brave innovators, and even can be said that venture capital itself is a huge innovation.

About the author

Sebastian Mallaby

Paul Volcker, Senior fellow in international economics at the Council on Foreign Relations, is a former editor of the Financial Times and a two-time finalist for the Pulitzer Prize, the Oscars of journalism. His books include the Biography of Alan Greenspan and The Rich Country.

Translator's introduction

Tian Xuan

Vice Dean of Pudaokou School of Finance, Tsinghua University, Vice dean of National Institute of Finance, Tsinghua University, Professor of Finance. His main research fields include corporate finance, venture capital, enterprise innovation and mergers and acquisitions and restructuring. He was selected as one of the "Most Cited Scholars in China" list by Elsevier. Her book Capital Logic of Innovation (1st edition) won the 16th YOUXIU Achievement Award for Philosophy and Social Sciences in Beijing.

"Changjiang Scholar" Distinguished Professor of the Ministry of Education (2016), winner of the National Outstanding Youth Fund, winner of Beijing ZHUOYUE Young Scientist, member of the first GEM Listing Committee and the first Merger and Acquisition Reorganization Committee of the Shenzhen Stock Exchange, member of the expert group of non-Party intellectuals of tong War Department, He was a member of the sixth Shanghai Corporate Mergers and Acquisitions Review Committee of the China Securities Regulatory Commission and a consulting expert of the World Bank.