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The biggest winners continue to compound as public companies. 99% of the returns are as a public company. True compounders compound for decades, especially if founders are still in the seat.

The Sequoia Scouts program was conceived in 2010 to provide capital for contemporary founders who didn't yet have the money to invest in companies. It led to investments in Uber and Stripe, with the fund now at 26X.

Sequoia's funds today are no bigger than they were five to seven years ago. They focus on being the best net IR and net multiple for LPs, not maximizing fees.

Sequoia is the most sought-after name in the venture capital business. The firm has made over a thousand investments, now worth in the trillions in public market value.

Sequoia-backed companies account for over 30% of the total value of the NASDAQ. Companies like Apple, NVIDIA, and Cisco were private investments when they were little.