Jeff Wang

So there is a portion of our business that our portfolio that is prior or existing Sequoia portfolio companies, right? That's maybe about a third of the portfolio is that there's a lot of our business that is not there. We own, for example, Shopify was not a Sequoia portfolio company. It's a company that we admired in the private markets, but we did not invest in the private markets.

So there is a portion of our business that our portfolio that is prior or existing Sequoia portfolio companies, right? That's maybe about a third of the portfolio is that there's a lot of our business that is not there. We own, for example, Shopify was not a Sequoia portfolio company. It's a company that we admired in the private markets, but we did not invest in the private markets.

So there is a portion of our business that our portfolio that is prior or existing Sequoia portfolio companies, right? That's maybe about a third of the portfolio is that there's a lot of our business that is not there. We own, for example, Shopify was not a Sequoia portfolio company. It's a company that we admired in the private markets, but we did not invest in the private markets.

And our first chance to invest is when they go public, right? So that is a very different discipline. And then also having the discipline to go know when to buy and sell specific companies. You know, I was talking to Pat Grady about this the other day. We're not just judged on, okay, did we sell this company at the right time? But then did we go buy something else because we sold this company?

And our first chance to invest is when they go public, right? So that is a very different discipline. And then also having the discipline to go know when to buy and sell specific companies. You know, I was talking to Pat Grady about this the other day. We're not just judged on, okay, did we sell this company at the right time? But then did we go buy something else because we sold this company?

And our first chance to invest is when they go public, right? So that is a very different discipline. And then also having the discipline to go know when to buy and sell specific companies. You know, I was talking to Pat Grady about this the other day. We're not just judged on, okay, did we sell this company at the right time? But then did we go buy something else because we sold this company?

that outperformed this company when we sold at that time, right? I mean, you have to be deploying capital all the time. It's not just... Is that not a dangerous mindset to take?

that outperformed this company when we sold at that time, right? I mean, you have to be deploying capital all the time. It's not just... Is that not a dangerous mindset to take?

that outperformed this company when we sold at that time, right? I mean, you have to be deploying capital all the time. It's not just... Is that not a dangerous mindset to take?

Yeah. And so our bias is definitely, I'd say to keep something because you just know it best, you know, the team, you have a lot of confidence in what they're doing. I think it is really hard to say, sell something that's 10% too expensive, hope to buy it back. when it comes down 10% and then continue to ride it. That is a very hard discipline. And so I don't focus on the short term.

Yeah. And so our bias is definitely, I'd say to keep something because you just know it best, you know, the team, you have a lot of confidence in what they're doing. I think it is really hard to say, sell something that's 10% too expensive, hope to buy it back. when it comes down 10% and then continue to ride it. That is a very hard discipline. And so I don't focus on the short term.

Yeah. And so our bias is definitely, I'd say to keep something because you just know it best, you know, the team, you have a lot of confidence in what they're doing. I think it is really hard to say, sell something that's 10% too expensive, hope to buy it back. when it comes down 10% and then continue to ride it. That is a very hard discipline. And so I don't focus on the short term.

I think that those are the small dials. I tell my team, don't tell me if service now is 10% too expensive. If we have a three to five year investment hold period, 10%, if you get six months ahead yourself in terms of the pricing, it's not going to impact your IRR that much.

I think that those are the small dials. I tell my team, don't tell me if service now is 10% too expensive. If we have a three to five year investment hold period, 10%, if you get six months ahead yourself in terms of the pricing, it's not going to impact your IRR that much.

I think that those are the small dials. I tell my team, don't tell me if service now is 10% too expensive. If we have a three to five year investment hold period, 10%, if you get six months ahead yourself in terms of the pricing, it's not going to impact your IRR that much.

Where we have to be careful though is if it's now 18 months ahead in a three to five year investment time horizon, because now it really starts to impact your IRRs. And then we have to really think about trimming it back and maybe potentially rotating into something else. But if it's 10% too expensive, I don't sweat those details. I think about the big dials and the big dials are really...

Where we have to be careful though is if it's now 18 months ahead in a three to five year investment time horizon, because now it really starts to impact your IRRs. And then we have to really think about trimming it back and maybe potentially rotating into something else. But if it's 10% too expensive, I don't sweat those details. I think about the big dials and the big dials are really...

Where we have to be careful though is if it's now 18 months ahead in a three to five year investment time horizon, because now it really starts to impact your IRRs. And then we have to really think about trimming it back and maybe potentially rotating into something else. But if it's 10% too expensive, I don't sweat those details. I think about the big dials and the big dials are really...

Are you making the right investments? Is your investment process working? Is this company going to be a much bigger company over the next five years?

Are you making the right investments? Is your investment process working? Is this company going to be a much bigger company over the next five years?