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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.

The ROI on current investments isn't looking great, yet there's still a lot of capital to go around. The dot-com build-out lasted less than five years, and it's unclear how long this can continue without returns.

Apple's current leadership is focused on maximizing profits from existing products rather than pursuing new technological advancements.

Sequoia has chosen not to build a large organization but to focus on being more effective and productive with technology.

The IPO market in 2025 is filled with unimpressive companies, with Fermi America exemplifying this trend by relying on hype rather than substance.

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.

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 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.

The smartest LPs understand that venture capital should be evaluated over a long period to wash out specific effects, highlighting the importance of patience in investment.