Jeff Wang

And so we have that 3-3-3-3 type of framework here where I do think it helps us, encourages us to think long-term. If you were a fund where you had monthly redemptions and you paid your people an annual bonus, I think it would be really hard to really truly be long-term. I think you're really setting yourself up to incentivize your team to think short-term.

And so we have that 3-3-3-3 type of framework here where I do think it helps us, encourages us to think long-term. If you were a fund where you had monthly redemptions and you paid your people an annual bonus, I think it would be really hard to really truly be long-term. I think you're really setting yourself up to incentivize your team to think short-term.

I don't think you can. I think it's really hard to think about business building if you're making investments and you don't know what your capital base looks like in the next six months.

I don't think you can. I think it's really hard to think about business building if you're making investments and you don't know what your capital base looks like in the next six months.

I don't think you can. I think it's really hard to think about business building if you're making investments and you don't know what your capital base looks like in the next six months.

So I think that's why most hedge funds fail. It is really hard to go build a real business. If you are one of the large hedge funds like Citadel, you have strong LP relationships, you have lockups, you've got an incredible long-term track record. That makes it a lot easier when you have periods that are not up to your expectations.

So I think that's why most hedge funds fail. It is really hard to go build a real business. If you are one of the large hedge funds like Citadel, you have strong LP relationships, you have lockups, you've got an incredible long-term track record. That makes it a lot easier when you have periods that are not up to your expectations.

So I think that's why most hedge funds fail. It is really hard to go build a real business. If you are one of the large hedge funds like Citadel, you have strong LP relationships, you have lockups, you've got an incredible long-term track record. That makes it a lot easier when you have periods that are not up to your expectations.

But if you are a $100 million hedge fund today, you don't know if you're gonna be in business in a year. It's hard to go recruit. It's hard to go spend money and say, we're gonna go build out a data science team. and you don't know how much time do I spend on recruiting, how much time do I spend on management, business building, LP, relationships, and that's before you get to the investing.

But if you are a $100 million hedge fund today, you don't know if you're gonna be in business in a year. It's hard to go recruit. It's hard to go spend money and say, we're gonna go build out a data science team. and you don't know how much time do I spend on recruiting, how much time do I spend on management, business building, LP, relationships, and that's before you get to the investing.

But if you are a $100 million hedge fund today, you don't know if you're gonna be in business in a year. It's hard to go recruit. It's hard to go spend money and say, we're gonna go build out a data science team. and you don't know how much time do I spend on recruiting, how much time do I spend on management, business building, LP, relationships, and that's before you get to the investing.

I think for us, one of the things that was most helpful actually in going through that period is that Sequoia does a great job of injecting Sequoia DNA while also allowing these individual businesses to grow up in a way that fits their specific area. The Doug and Michael, and I give them a lot of credit for this, the way they set up the various businesses.

I think for us, one of the things that was most helpful actually in going through that period is that Sequoia does a great job of injecting Sequoia DNA while also allowing these individual businesses to grow up in a way that fits their specific area. The Doug and Michael, and I give them a lot of credit for this, the way they set up the various businesses.

I think for us, one of the things that was most helpful actually in going through that period is that Sequoia does a great job of injecting Sequoia DNA while also allowing these individual businesses to grow up in a way that fits their specific area. The Doug and Michael, and I give them a lot of credit for this, the way they set up the various businesses.

So SEG, Sequoia China, now Hong San, Sequoia India, now Peak 15, and Sequoia Heritage was to give each individual team and set of partners full investment discretion. That's very different. So obviously we shared a brand, administrative functions, office space, leadership. So Doug's on the SEG, was on the SEG board, now it's Ruloff, and we collaborated closely.

So SEG, Sequoia China, now Hong San, Sequoia India, now Peak 15, and Sequoia Heritage was to give each individual team and set of partners full investment discretion. That's very different. So obviously we shared a brand, administrative functions, office space, leadership. So Doug's on the SEG, was on the SEG board, now it's Ruloff, and we collaborated closely.

So SEG, Sequoia China, now Hong San, Sequoia India, now Peak 15, and Sequoia Heritage was to give each individual team and set of partners full investment discretion. That's very different. So obviously we shared a brand, administrative functions, office space, leadership. So Doug's on the SEG, was on the SEG board, now it's Ruloff, and we collaborated closely.

But the day-to-day management and investment process is up to that specific team. And I think what it was, was it was a recognition that is really hard for an American investor to go make great investment decisions about Chinese startups. Similarly, it is very hard for a venture investor to go make great decisions about managing a hedge fund or family office.

But the day-to-day management and investment process is up to that specific team. And I think what it was, was it was a recognition that is really hard for an American investor to go make great investment decisions about Chinese startups. Similarly, it is very hard for a venture investor to go make great decisions about managing a hedge fund or family office.

But the day-to-day management and investment process is up to that specific team. And I think what it was, was it was a recognition that is really hard for an American investor to go make great investment decisions about Chinese startups. Similarly, it is very hard for a venture investor to go make great decisions about managing a hedge fund or family office.