Jeff Wang

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?

I think most of the time it's 10% and it doesn't matter. I think 2022 was a period where a lot of these stocks got ahead of themselves. We had to trim, we trimmed a bunch, but we should have trimmed more. I mentioned the Shopify example where Shopify from the 2022 price is still back to, I think about halfway to the peak, right?

I think most of the time it's 10% and it doesn't matter. I think 2022 was a period where a lot of these stocks got ahead of themselves. We had to trim, we trimmed a bunch, but we should have trimmed more. I mentioned the Shopify example where Shopify from the 2022 price is still back to, I think about halfway to the peak, right?

I think most of the time it's 10% and it doesn't matter. I think 2022 was a period where a lot of these stocks got ahead of themselves. We had to trim, we trimmed a bunch, but we should have trimmed more. I mentioned the Shopify example where Shopify from the 2022 price is still back to, I think about halfway to the peak, right?

Whereas, you know, you have other companies say a ServiceNow that is now above the peak. So you do need to make those choices very actively.

Whereas, you know, you have other companies say a ServiceNow that is now above the peak. So you do need to make those choices very actively.

Whereas, you know, you have other companies say a ServiceNow that is now above the peak. So you do need to make those choices very actively.

We've looked at this and it's surprisingly consistent. I'm not really sure why that's the case, but it's surprisingly consistent. The area where we have done really well actually are some of these private companies where we can partner with the growth team primarily and co-invest alongside early on. And so I'm I think the private portfolio has done really nicely.

We've looked at this and it's surprisingly consistent. I'm not really sure why that's the case, but it's surprisingly consistent. The area where we have done really well actually are some of these private companies where we can partner with the growth team primarily and co-invest alongside early on. And so I'm I think the private portfolio has done really nicely.

We've looked at this and it's surprisingly consistent. I'm not really sure why that's the case, but it's surprisingly consistent. The area where we have done really well actually are some of these private companies where we can partner with the growth team primarily and co-invest alongside early on. And so I'm I think the private portfolio has done really nicely.

And then you write it into the public portfolio.

And then you write it into the public portfolio.

And then you write it into the public portfolio.

I think a couple of reasons. So I think one, the crossover thesis of investing in late stage private companies, getting to know them well, and then having a better view on whether to own them into the public markets is still fundamentally very sound. Do you really get to know them better? And if so, what do you get to know? So I'll give you an example. So NewBank is a Sequoia portfolio company.

I think a couple of reasons. So I think one, the crossover thesis of investing in late stage private companies, getting to know them well, and then having a better view on whether to own them into the public markets is still fundamentally very sound. Do you really get to know them better? And if so, what do you get to know? So I'll give you an example. So NewBank is a Sequoia portfolio company.

I think a couple of reasons. So I think one, the crossover thesis of investing in late stage private companies, getting to know them well, and then having a better view on whether to own them into the public markets is still fundamentally very sound. Do you really get to know them better? And if so, what do you get to know? So I'll give you an example. So NewBank is a Sequoia portfolio company.

As you know, Doug is on the board. David and I joined Sequoia at around the same time. SCG led an investment in a secondary round in 2019. We participated in later rounds again at the IPO. We even bought shares in post IPO in the straight public markets. That's now a top five position in the portfolio.

As you know, Doug is on the board. David and I joined Sequoia at around the same time. SCG led an investment in a secondary round in 2019. We participated in later rounds again at the IPO. We even bought shares in post IPO in the straight public markets. That's now a top five position in the portfolio.

As you know, Doug is on the board. David and I joined Sequoia at around the same time. SCG led an investment in a secondary round in 2019. We participated in later rounds again at the IPO. We even bought shares in post IPO in the straight public markets. That's now a top five position in the portfolio.

And if we were doing our jobs right, I think we should know that company better than anyone else in the world.