David Szell: It's also a contrarian investment to be a VC.

Instead of investing solely for the sake of the reverse, Szell stressed, "You have to take full account of the risks that you have in mind and believe in what you really Want" Liu Tian Facebook's success has made many VCs successful, including Greloc VCs (Greylock).　　David Sze, a partner, David Szell's early 2006 investment in Facebook allowed him to be fourth in Forbes ' 2012 world's top ten venture capitalists ' list. Product Design Szell graduated from Yale University and got an MBA from Stanford University. Prior to joining the Venture venture, Szell served as the product strategy director of the portal Excite, and previously served in the product marketing Department of the American Art Electric Company and the Crystal Power Studio (the film Tomb Raider). His sharp insight into the product made entrepreneurs very popular with him. "He is extremely intelligent and knows more about products than anyone else.　　Said one entrepreneur. In 2000, Szell joined the Georgia Venture company as a partner, focusing on investment in consumer Internet services, media convergence, wireless data and technology marketing services. Greloc was founded in 1965 by Bill Avers (Bill elfers) and Dan Gregory (Dan Gregory), originally located on the east coast of the United States, and was not moved from Boston to Silicon Valley until 2009. The company missed a number of popular internet companies in the 90 's, but in recent years has been among the Silicon Valley VIP clubs for successful investments in companies such as Groupon, LinkedIn and Facebook.　　Many of these investments, which make Greylock's fame, are dominated by Szell. As early as 2004, Szell invested in LinkedIn, which was diluted to 14.9% before the IPO, and in 2006 he invested in Facebook, a closed web site with 10 million users. His other investments include Pandora (Greylock 14%), Revision3 (online video service), Oodle (online classification Service), VUDU (online video service, has been acquired by Wal-Mart), Softcoin (interactive promotion company, has been　　Marvell acquisition) and new Edge NX (have been Earthlink acquired). World War I fame in Szell's many investments, Facebook is arguably the most successful. He invested 12.5 million dollars in Facebook in 2006, when Facebook valued 500 million dollars, and many people thought it was crazy to intervene when Facebook valued 500 million dollars. Facebook was onlyThere are 10 million users, but also a closed internal website, only for college students Open, it strictly restricted registration, need to be in the designated University IP address range to register facebook.com account. "Facebook was just beginning to think about how to make a profit. Szell recalls that many in the industry think Facebook will be worthless once it's out of campus. And once new hotspots emerge, fickle young internet users will abandon them. In contrast, the industry was more optimistic about MySpace. "It was also a tough decision for our investment team, and when we announced the investment we were ridiculed by all parties," he said. At the time it seemed risky, but eventually the investment was successful. "The college was a great time. "That period was full of memories of people when they were young," Szell said. When college graduates start work and switch to a new city, they still want to keep in touch with college memories and friends from college. "So I was convinced that these college students would continue to use Facebook after graduation." "Szell's investment was $12.5 million trillion, which was worth nearly 1.39 billion dollars and invested more than 110 times after Facebook's listing," he said.　　Many investors have sold almost half their shares on Facebook, but Szell only sold less than One-third of the shares. "We have a lot of opportunities to sell, but in fact we have gained a lot at some point." "We think Facebook has three qualities of a good company: world-class management, an absolutely leading industry position and a mature business model," Szell said. In the long run, the current fall in share prices is not important. "Almost every last very valuable investment, in the beginning, most people will think you're crazy."　　"So you have to look deeper and longer than just the surface that other people see," says Szell. Szell said that when he invested in Facebook, he first valued Zuckerberg himself and his high level of commitment to Facebook. "I watched Zuckerberg from investing in Facebook when I thought Zuckerberg was one of the million, and now I think he should be one of billions." "Zuckerberg has been thinking about how to bring a better experience to the user, rather than thinking about how to make money from here or there. "He is one of the most focused people I've ever met, and his goal is to change the way people communicate and interact, and the most worrying thing is that Facebook doesn't have the opportunity to change the world," Szell said. "Contrarian investment in Szell early venture capital, he had considered investing in Baidu (Weibo), but he eventually missed the original can be very successful investment." Because after he did the investigation, many people gave him many reasons to say that the company could not succeed, so he finally gave upThe investment. So how does an investor avoid making the same mistake again? "First of all, you must have enough experience. "Then you have to listen to most people's negative reasons and then decide for sure why," Szell said.　　On Facebook's investment, Szell not listen to most people's opinions. "What we have learned is that in the field of venture capital, reverse investment may also apply." Szell points out that some of the best opportunities may be coming from an investment that everyone is not optimistic about. This contrarian investment, of course, cannot be invested solely for the sake of the reverse. "You have to take full account of the risks that everyone has in mind and believe in the reasons why they are really bullish." "But he also said he has a lot of regrets in his investments, such as he has considered a lot of minor concerns about not investing in Twitter." But in the end I missed it. Szell says Twitter is one of the Greylock's side walls that are plastered with all their wrong or missed investments. "Obviously, no one VCs can ever miss." "(Trainee reporter Fuwen also contributed to this article)