Harry Stebbings

I'm switching it up here.

We're going to go to private markets.

We had big news from Sequoia this week for context, always like to context set.

Doug Leone had taken a step back from the firm, back from day to day, back from investing.

Pat and Alfred had recently taken over the leadership from Roloff.

And now Doug is back in an investing capacity.

not in a leadership capacity, that's still very much with Pat and with Alfred, but Doug's back in the firm investing, which is very big news given he is one of the OGs.

How do we read Doug back and back in the trenches?

With the greatest, as I spend a lot of time with LPs, the insatiable appetite from LPs for Sequoia has never been more prominent still.

And so I respectfully, I don't think it's LPs.

I think it's actually just like in the face of increasing competition from a founder's fund, who've got an Android and a SpaceX at their tailwinds for founder brand and Andreessen, which are more attractive than ever for founders.

You asked the question, how can we be more competitive?

And Doug is the ultimate winner of deals.

You're telling me the kids at YC have heard of Doug Leone or even know how to spell his last name?

I doubt it.

I'm telling you, when Doug Leone goes to that meeting with them, whether it's Christian Hecker at Trade Republic in Germany, or whether it's the team at Wiz, he fucking closes the deal.

Jason, you mentioned the youngest founders from YC.

Some very young founders from YC obviously founded Delve, a SOC 2 compliance business.

Sorry, Rory, don't look pissed at me.

I'm not pissed, no.