Jeff Wang

And so when the SEG opportunity came along, I was super intrigued because it was a chance to go build a public equities business that had true ecosystem advantages in technology. And I believe those advantages would translate into the public markets. I was also encouraged by the support and backing that SCG had from Sequoia's most senior leaders like Jim and Doug and Michael and Ruloff.

On the flip side, though, I was taking a 70% pay cut and there was a real risk of failure, right? Most hedge fund launches don't survive. And so my career prospects, if it failed, wouldn't have looked very good. And so I took the plunge to try to build something special.

On the flip side, though, I was taking a 70% pay cut and there was a real risk of failure, right? Most hedge fund launches don't survive. And so my career prospects, if it failed, wouldn't have looked very good. And so I took the plunge to try to build something special.

On the flip side, though, I was taking a 70% pay cut and there was a real risk of failure, right? Most hedge fund launches don't survive. And so my career prospects, if it failed, wouldn't have looked very good. And so I took the plunge to try to build something special.

Yeah.

Yeah.

Yeah.

The way we short is a bit different from how other hedge funds do it. So we are not looking for frauds. We are not looking for valuation arbitrage. We're looking to further express a disruptive thematic viewpoint that we hold on the long side, albeit on the short side. So it's really important to see these trends early.

The way we short is a bit different from how other hedge funds do it. So we are not looking for frauds. We are not looking for valuation arbitrage. We're looking to further express a disruptive thematic viewpoint that we hold on the long side, albeit on the short side. So it's really important to see these trends early.

The way we short is a bit different from how other hedge funds do it. So we are not looking for frauds. We are not looking for valuation arbitrage. We're looking to further express a disruptive thematic viewpoint that we hold on the long side, albeit on the short side. So it's really important to see these trends early.

And so the view into the private ecosystem is actually quite valuable for that. So for example, if you hold a positive view on SpaceX and Starlink, what does that mean for other satellite businesses? What does that mean for rural telcos? If you are bullish on AI, what does that mean about call centers?

And so the view into the private ecosystem is actually quite valuable for that. So for example, if you hold a positive view on SpaceX and Starlink, what does that mean for other satellite businesses? What does that mean for rural telcos? If you are bullish on AI, what does that mean about call centers?

And so the view into the private ecosystem is actually quite valuable for that. So for example, if you hold a positive view on SpaceX and Starlink, what does that mean for other satellite businesses? What does that mean for rural telcos? If you are bullish on AI, what does that mean about call centers?

So R-Shorting is really expressing further conviction in the longs, albeit in the other direction.

So R-Shorting is really expressing further conviction in the longs, albeit in the other direction.

So R-Shorting is really expressing further conviction in the longs, albeit in the other direction.

That's right. I think you would take risk in different formats, right? So if you are... If you are Citadel, if you are another hedge fund that takes a lot of leverage, I do think you need to have low volatility because you're amplifying with, say, 6x leverage. In our model of the world, we don't take a lot of leverage.

That's right. I think you would take risk in different formats, right? So if you are... If you are Citadel, if you are another hedge fund that takes a lot of leverage, I do think you need to have low volatility because you're amplifying with, say, 6x leverage. In our model of the world, we don't take a lot of leverage.

That's right. I think you would take risk in different formats, right? So if you are... If you are Citadel, if you are another hedge fund that takes a lot of leverage, I do think you need to have low volatility because you're amplifying with, say, 6x leverage. In our model of the world, we don't take a lot of leverage.

And so what we're trying to do is express more of a specific viewpoint with low leverage.