"And don't give me that crap about VCs being "early stage" and wanting to cash out of a "mature" investment. These people are as money hungry as any other insti

"And don't give me that crap about VCs being "early stage" and wanting to cash out of a "mature" investment. These people are as money hungry as any other institutional investor, and would let it ride unless….they saw something that suggested that the era of stupendous growth was over." The author doesn't seem to understand how the venture asset class works. Venture funds are owned by their limited partners (LPs), and typically have a fixed, 10-year life. After 10 years, the fund liquidates and the LPs (hopefully) get a nice return on their investment. It's been 6.5 years since Facebook's first venture investments. If the investment vehicle was already 2-3 years old at that time, then they have to liquidate soon, even if the managing partners believe Facebook will continue to appreciate in value. The author seems to think that anytime an investor wants to cash out, it's because they don't "believe" in the investment.