Roelof Botha

I think we should proceed with the investment, even though my intuition walking in was that we shouldn't.

And I'm really glad that we proceeded.

It would, yes.

So we backed a bunch of very interesting companies over our 50 years.

The companies in which we were private investors when they were little companies today account for over 30% of the total value of the NASDAQ.

You said 30%.

Over 30% of the combined value of the NASDAQ.

Apple, NVIDIA.

Apple, Cisco, NVIDIA, Google, Palaltern Network, ServiceNow.

I mean, the list goes on.

Pretty good.

So one of the things we realized, what you're alluding to is in 2022, we launched something called the Sequoia Capital Fund.

And so we realized that the great companies continue to compound, as you talked about in that episode.

It was an excellent episode, obviously.

Yeah.

By the way, even in more recent memory, if you look at the last 10-ish years, Palo Alto, ServiceNow, HubSpot, MongoDB, these companies have all been 10Xs as public companies.

We've realized that when we distribute shares prematurely to LPs, they don't know any better because they're on a big endowment.

They suddenly get $5 million worth of company ABC.

They don't know any better.

They sell the shares.