Hussein Kanji

Why have we shifted to this heavy momentum? Well, we went into a market where money was effectively free. And the way you get promoted inside of most firms, remember, we're exceptions to the rule, right? Because we own our own firms. These are our businesses. So we think like business owners, not like employees. If you're the general employee, you optimize for getting to the next career ladder.

And how do you show that you can get to the next career ladder? You do a deal and then General Catalyst or Index or Kleiner or Sequoia or Andreessen, I mean, there are so many of these great firms, mark it up at a significant premium. And then someone else, Tiger, et cetera, marks it up after that. And all of a sudden, it doesn't make a difference.

And how do you show that you can get to the next career ladder? You do a deal and then General Catalyst or Index or Kleiner or Sequoia or Andreessen, I mean, there are so many of these great firms, mark it up at a significant premium. And then someone else, Tiger, et cetera, marks it up after that. And all of a sudden, it doesn't make a difference.

And how do you show that you can get to the next career ladder? You do a deal and then General Catalyst or Index or Kleiner or Sequoia or Andreessen, I mean, there are so many of these great firms, mark it up at a significant premium. And then someone else, Tiger, et cetera, marks it up after that. And all of a sudden, it doesn't make a difference.

If you've not made any money, you look like you've picked a hot company.

If you've not made any money, you look like you've picked a hot company.

If you've not made any money, you look like you've picked a hot company.

Yeah, I would say even for us, we have a challenge when it comes to LPs. And this is not us specific, us in the general, which is the entire industry looks at what the next markup is. Who's following your deal? Who's marking it up? Is the company well capitalized for the future? And really, is it a signal of quality when a Sequoia ends up writing the check?

Yeah, I would say even for us, we have a challenge when it comes to LPs. And this is not us specific, us in the general, which is the entire industry looks at what the next markup is. Who's following your deal? Who's marking it up? Is the company well capitalized for the future? And really, is it a signal of quality when a Sequoia ends up writing the check?

Yeah, I would say even for us, we have a challenge when it comes to LPs. And this is not us specific, us in the general, which is the entire industry looks at what the next markup is. Who's following your deal? Who's marking it up? Is the company well capitalized for the future? And really, is it a signal of quality when a Sequoia ends up writing the check?

Like, have you picked a really good company? I think that's true in the general. But the problem is the venture world is not a general type kind of industry, right? The averages and the medians are very deceptive in our industry. That's not where the returns are. So weirdly enough, we're in this weird predicament in the industry where you kind of have to do things that are a little bit off-piste.

Like, have you picked a really good company? I think that's true in the general. But the problem is the venture world is not a general type kind of industry, right? The averages and the medians are very deceptive in our industry. That's not where the returns are. So weirdly enough, we're in this weird predicament in the industry where you kind of have to do things that are a little bit off-piste.

Like, have you picked a really good company? I think that's true in the general. But the problem is the venture world is not a general type kind of industry, right? The averages and the medians are very deceptive in our industry. That's not where the returns are. So weirdly enough, we're in this weird predicament in the industry where you kind of have to do things that are a little bit off-piste.

You kind of have to build for the big outcome. And you have to be a little bit contrarian. And then very quickly, about a year or two later, the world has to recognize that you're right in order for you to really get credit.

You kind of have to build for the big outcome. And you have to be a little bit contrarian. And then very quickly, about a year or two later, the world has to recognize that you're right in order for you to really get credit.

You kind of have to build for the big outcome. And you have to be a little bit contrarian. And then very quickly, about a year or two later, the world has to recognize that you're right in order for you to really get credit.

The whole industry is massively grown, so there's a lot of money to be made. But if you think about the big, iconic, the household name companies, the Googles, the Facebooks, the Ubers, the Netflixes, they were all mostly brand new category creators. That category didn't exist. There wasn't an Uber before there was an Uber. There were a bunch of search engines, but none of them really succeeded.

The whole industry is massively grown, so there's a lot of money to be made. But if you think about the big, iconic, the household name companies, the Googles, the Facebooks, the Ubers, the Netflixes, they were all mostly brand new category creators. That category didn't exist. There wasn't an Uber before there was an Uber. There were a bunch of search engines, but none of them really succeeded.

The whole industry is massively grown, so there's a lot of money to be made. But if you think about the big, iconic, the household name companies, the Googles, the Facebooks, the Ubers, the Netflixes, they were all mostly brand new category creators. That category didn't exist. There wasn't an Uber before there was an Uber. There were a bunch of search engines, but none of them really succeeded.

And Google kind of became this thing. There was also Friendster before Meta, but it never really succeeded. So these were kind of inventing new categories. And I remember even at Facebook went public when we were fundraising for Fund One. And when it went public, people really were skeptical about how it was going to make money.