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Until the middle of last year, the combination of a rising stock market and a healthy appetite for new issues meant companies could offload their portfolio investments quickly at high prices. In that highly valued market the return on investment depended entirely on the right timing to enter and exit. As a consequence, even if American VCs claim to have always been selective in their investment decisions, several investors rushed into deals and focused on the wrong metrics in fear of missing the boat. When TD communications Partners set up shop in London and was forced to turn down several potentially good deals because the values were too high, they began to wonder if they had arrived too late. "Because capital was flooding into Europe from all sort of sources ", says Jose Brena, "values were going through the roof."

The main idea of the paragraph

In a highly valued market the return on investment depends on the right timing to enter and exit.

在一个股价高起的股市，投资收益取决于入场和出场时机的正确选定。

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