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In 2022, we launched the Sequoia Capital Fund to keep shares of companies that have the ability to compound longer term. This decision led to $6.7 billion in gains that our LPs would not have seen otherwise.

Apple's decision to focus on hardware improvements rather than AI advancements in their latest launch reflects a strategic choice to prioritize product quality and user experience.

At Sequoia, investment decisions are made by consensus. If one person says no, it doesn't happen. This blew my mind when I first got there.

Apple's decision to focus on iPhones rather than AI during their event reflects a strategy of sticking to their strengths and continuing to innovate in their core product line.

We have this benefit of intergenerational knowledge transfer at Sequoia, where experienced leaders like Doug and Michael still provide guidance without having the authority to dictate actions.

Apple's decision to focus on hardware rather than AI in their latest product launch reflects a strategic choice to prioritize design and quality over following industry trends.

We don't have the expertise for biotech at Sequoia, and it's very dangerous to assume success in one domain translates to another without the right knowledge.

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.