Jeff Wang

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

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

You can take leverage, but then you're taking more volatility. And I just don't think in technology where you already have a lot of beta, you already have a lot of volatility. You don't need to take a lot of leverage, especially because there is the power law.

You can take leverage, but then you're taking more volatility. And I just don't think in technology where you already have a lot of beta, you already have a lot of volatility. You don't need to take a lot of leverage, especially because there is the power law.

You can take leverage, but then you're taking more volatility. And I just don't think in technology where you already have a lot of beta, you already have a lot of volatility. You don't need to take a lot of leverage, especially because there is the power law.

And even in the public markets, if you get a stock right, there should be a power law that helps you deliver and drive great returns over time without a lot of leverage. It's not that we don't take any, but it's that we take low leverage.

And even in the public markets, if you get a stock right, there should be a power law that helps you deliver and drive great returns over time without a lot of leverage. It's not that we don't take any, but it's that we take low leverage.

And even in the public markets, if you get a stock right, there should be a power law that helps you deliver and drive great returns over time without a lot of leverage. It's not that we don't take any, but it's that we take low leverage.

There are definitely moments in time where the markets will say, we used to love growth. We now love value. And if you think about how we are positioned as a fund, it's generally long growth and short value, right? The value companies are in general, the ones that the growth companies are disrupting. So there are moments in time where the markets rotate and that's

There are definitely moments in time where the markets will say, we used to love growth. We now love value. And if you think about how we are positioned as a fund, it's generally long growth and short value, right? The value companies are in general, the ones that the growth companies are disrupting. So there are moments in time where the markets rotate and that's

There are definitely moments in time where the markets will say, we used to love growth. We now love value. And if you think about how we are positioned as a fund, it's generally long growth and short value, right? The value companies are in general, the ones that the growth companies are disrupting. So there are moments in time where the markets rotate and that's

typically a function of say rates or maybe macro scares where you want to be in more defensive companies. And that's tough for our portfolio. But that's why I think about performance over the longterm. Those, those rotations are very painful, but they happen in a pretty short period. Let's say it's three months.

typically a function of say rates or maybe macro scares where you want to be in more defensive companies. And that's tough for our portfolio. But that's why I think about performance over the longterm. Those, those rotations are very painful, but they happen in a pretty short period. Let's say it's three months.

typically a function of say rates or maybe macro scares where you want to be in more defensive companies. And that's tough for our portfolio. But that's why I think about performance over the longterm. Those, those rotations are very painful, but they happen in a pretty short period. Let's say it's three months.

We may have a very rough three months, but if I look out over the span of now we've been in business now 15 years, We've had one down year over that 15-year timeframe, and you build your business in a way that you can weather these storms. So one of the key things for us is we partner with an LP base that is long-term oriented. A lot of them, as I mentioned, are Sequoia LPs.

We may have a very rough three months, but if I look out over the span of now we've been in business now 15 years, We've had one down year over that 15-year timeframe, and you build your business in a way that you can weather these storms. So one of the key things for us is we partner with an LP base that is long-term oriented. A lot of them, as I mentioned, are Sequoia LPs.

We may have a very rough three months, but if I look out over the span of now we've been in business now 15 years, We've had one down year over that 15-year timeframe, and you build your business in a way that you can weather these storms. So one of the key things for us is we partner with an LP base that is long-term oriented. A lot of them, as I mentioned, are Sequoia LPs.

And so they know how we invest. They know our product. They know that technology can be volatile.

And so they know how we invest. They know our product. They know that technology can be volatile.

And so they know how we invest. They know our product. They know that technology can be volatile.