Venture-capital firms traditionally have been bit players in the secondary markets, but that is changing as some funds look to boost disappointing liquidity, distributions and returns for investors. It is unclear the extent to which selling startup shares through private sales is a better strategy than waiting for the initial public offering market to open up or other opportunities to cash out, however. The sector delivered a return of negative 1.55% in the second quarter of this year, according to preliminary data from investment firm Cambridge Associates...

The Oracle of Omaha has concentrated Berkshire's investment portfolio in his best ideas...