在A轮、B轮的阶段存在exuberance,但是不是irrational(非理性)每个个案情况不同。这种乐观、狂热的背后推手肯定是资本,整个市场都热衷于互联网业务模式CE:近期,标普500波动较大,美国的一些对中基金和国内一些VC都在提醒投资人和创业者,新一轮泡沫可能来了,对此您怎么看?顾宏地:过去一个多月,引人关注的是标普500呈现了倒V字的趋势。二级市场股价波动原因从来就不是单一的。首 There are exuberances in stages A and B, but not irrational. Each case is different. This optimistic, fanatical driving force behind the affirmative is the capital, the market is keen on the Internet business model CE: Recently, the S & P 500 volatility larger, the United States some of the funds and some domestic VC are reminding investors and entrepreneurs, What’s your comment? Gu Hongdi: Over the past month or so, it has attracted people’s attention that the S & P 500 shows the tendency to turn the word “V”. The reasons for the volatility in the secondary market have never been single. first