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Coming to the party late can have its advantages, as new entrants to the market who have only new investments to consider and no legacy issues chewing up their time are quick to point out. It has been recently calculated by Venture Economics that in the first quarter of the year, US venture capital firms suffered losses of up to 30 percent, signaling that forecast average one-year returns in 2001 could be minus 35 percent to 40 percent. Compare that with the peak of the technology bubble when average funds showed triple-digit returns. However, it’s a bad idea to place too much emphasis on quarterly performance returns on account of the fact that the average early-stage investment has a seven-year life cycle and at the other end of the maturity spectrum, i.e. buyouts the typical holding period is three to five years.

The main idea of the paragraph

Coming to the party late can have its advantages, because the new comers can have new investment opportunities and more importantly, time to think. Besides, with the average early-stage investment having a seven-year life cycle and the typical holding period being three to five years at the other end of the maturity spectrum, it is a bad idea to place too much emphasis on quarterly performance returns.

晚入场也可能有它的好处，因为晚入场者会有新的投资机会；更为重要的是，他有时间去思考。另外，在企业开发初期进入的投资的生命周期平均为七年，即使是在企业成熟阶段进入的投资，其典型的持有时间是三到五年，因此，过分强调季度收益回报并不是件好事。

句子分析

Coming to the party late can have its advantages, as new entrants to the market who have only new investments to consider and no legacy issues chewing up their time are quick to point out.

在此句中

　　1）Coming to the party late can have its advantages 是主句；

　　2）as new entrants to the … point out是原因状语从句，其中的“who have only new investments to consider and no legacy issues chewing up their time”是限制性定语从句，修饰名词“entrants”。

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