Jeff Wang

humans don't really change that much or they change more slowly. And so e-commerce really returned back to the pre-COVID trend line. Shopify is still continuing to gain share against the total e-commerce and the total retail pie in a very nice solid way. But to model this, 800 basis points step up in a year and to say that that was going to continue from that trend, that was obviously incorrect.

We started to see that in the data and, you know, being detached to a company, really liking the management team there, having it be one of our biggest winners. I think it's, you have to be dispassionate when you see the data changing. And we held out hope for longer that, okay, this is just a blip in the data. It's going to get better again. It's It stepped down. It's still a great business.

We started to see that in the data and, you know, being detached to a company, really liking the management team there, having it be one of our biggest winners. I think it's, you have to be dispassionate when you see the data changing. And we held out hope for longer that, okay, this is just a blip in the data. It's going to get better again. It's It stepped down. It's still a great business.

We started to see that in the data and, you know, being detached to a company, really liking the management team there, having it be one of our biggest winners. I think it's, you have to be dispassionate when you see the data changing. And we held out hope for longer that, okay, this is just a blip in the data. It's going to get better again. It's It stepped down. It's still a great business.

It still continued to grow against a very positive trend in e-commerce taking, you know, share from overall retail spend. But that trend line was simply lower than we thought.

It still continued to grow against a very positive trend in e-commerce taking, you know, share from overall retail spend. But that trend line was simply lower than we thought.

It still continued to grow against a very positive trend in e-commerce taking, you know, share from overall retail spend. But that trend line was simply lower than we thought.

It just makes you focus on being dispassionate in a way that I think if I can get help from data science, if I can get help from my partners, I think that helps us be better. One of the things that we do is we have a quarterly review of the entire portfolio where we do a re-underwrite of every single position. Because unlike the venture world, we can buy and sell every day, every minute.

It just makes you focus on being dispassionate in a way that I think if I can get help from data science, if I can get help from my partners, I think that helps us be better. One of the things that we do is we have a quarterly review of the entire portfolio where we do a re-underwrite of every single position. Because unlike the venture world, we can buy and sell every day, every minute.

It just makes you focus on being dispassionate in a way that I think if I can get help from data science, if I can get help from my partners, I think that helps us be better. One of the things that we do is we have a quarterly review of the entire portfolio where we do a re-underwrite of every single position. Because unlike the venture world, we can buy and sell every day, every minute.

And so typically the re-underwrites driven by the team, the individual partner and the analyst who are supporting a particular investment. In the controversial investments, one thing that we will do is we will have a fresh underwrite from a different partner where you have a devil's advocate position. I think that's important for helping us be dispassionate.

And so typically the re-underwrites driven by the team, the individual partner and the analyst who are supporting a particular investment. In the controversial investments, one thing that we will do is we will have a fresh underwrite from a different partner where you have a devil's advocate position. I think that's important for helping us be dispassionate.

And so typically the re-underwrites driven by the team, the individual partner and the analyst who are supporting a particular investment. In the controversial investments, one thing that we will do is we will have a fresh underwrite from a different partner where you have a devil's advocate position. I think that's important for helping us be dispassionate.

So you've probably listened to the Sequoia Crucible Moments podcast where Ruloff dives into these difficult moments in a company's journey that require a lot of fortitude, but ultimately set the company in a better direction. That was 2016 for SEG. I'm not a founder, but I did help guide SEGE through what I call a refounding moment. So Sequoia had hired an original portfolio manager for SEGE.

So you've probably listened to the Sequoia Crucible Moments podcast where Ruloff dives into these difficult moments in a company's journey that require a lot of fortitude, but ultimately set the company in a better direction. That was 2016 for SEG. I'm not a founder, but I did help guide SEGE through what I call a refounding moment. So Sequoia had hired an original portfolio manager for SEGE.

So you've probably listened to the Sequoia Crucible Moments podcast where Ruloff dives into these difficult moments in a company's journey that require a lot of fortitude, but ultimately set the company in a better direction. That was 2016 for SEG. I'm not a founder, but I did help guide SEGE through what I call a refounding moment. So Sequoia had hired an original portfolio manager for SEGE.

You know, in 2009, he was a smart, hardworking guy, but didn't really unlock the synergies that we should have within our ecosystem. So really, he had the same playbook at his prior hedge fund. And so in a lot of ways, he was trying to recreate his prior hedge fund, even invest in non-tech areas, for example, as opposed to building something special and unique to Sequoia.

You know, in 2009, he was a smart, hardworking guy, but didn't really unlock the synergies that we should have within our ecosystem. So really, he had the same playbook at his prior hedge fund. And so in a lot of ways, he was trying to recreate his prior hedge fund, even invest in non-tech areas, for example, as opposed to building something special and unique to Sequoia.

You know, in 2009, he was a smart, hardworking guy, but didn't really unlock the synergies that we should have within our ecosystem. So really, he had the same playbook at his prior hedge fund. And so in a lot of ways, he was trying to recreate his prior hedge fund, even invest in non-tech areas, for example, as opposed to building something special and unique to Sequoia.

And so performance was good. It was not great. And so there's this crucible moment in 2016 where Sequoia decided to part ways with the original PM and actually consider shutting down the business entirely. So as the senior most partner remaining on the team, I was asked to come up with a business plan and convince the broader partnership why version two would be better.