Doug Leone on the mistake every VC makes: Selling their winners too early. “We owned 20% of Nvidia and sold. We were the first investor in Apple and sold. We owned 10% of Google and sold.” “If we hadn’t sold Google that would be half a trillion dollars.” “We owned a quarter of Cisco and sold.” ($411 billion market cap) “We had big ownership in very big companies.” “The great companies compounded 20+ years after the IPO. If you had a little sniffer that this thing has essentially an unbounded market for many years, you should never sell a share.” “You can make way more money holding those. If you're compounding a $5 billion gain that can turn into a $50 billion gain.”