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Sequoia Capital Global Equities

part of Sequoia Capital

23 statements across 1 episodes · 5 bullish · 6 bearish · 1 people on the record · first statement Oct 9, 2024 by Jeff Wang · said 16 times in 2 episodes since 2024 · across every show →

Mentions by year

brought up most by Harry Stebbings (9), Jeff Wang (6), Jason Lemkin (1)

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2024 15 mentions in 1 episode

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Everything said about Sequoia Capital Global Equities, oldest first

Oct 9, 2024
Disclosure
Wang: SCGE shorts companies to express long-side disruptive themes, not find fraud
“So we are not looking for frauds. We're not looking for valuation arbitrage. We're looking to further express a disruptive thematic viewpoint that we hold on the long side, albeit on the short side.”
Jeff Wang Oct 9, 2024 ▶ 3:28 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024 bearish
Disclosure
Wang: Chinese companies have become less transparent over time
“It is, it has been more difficult for us to say invest in Chinese companies. And it's not just the macro, right? It's. It's these companies have been become less transparent with us over time.”
Jeff Wang Oct 9, 2024 ▶ 58:21 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024
Disclosure
Jeff Wang took a 70% pay cut to join SCGE in 2010
“On the flip side though I was taking a 70% pay cut and there was a real risk of failure, right? Most hedge fund launches don't survive.”
Jeff Wang Oct 9, 2024 ▶ 2:44 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024 positive
Assertion Supported
Wang: SCGE has had only one down year in 15 years
“Now we've been in business now, 15 years. We've had one down year over that 15 year timeframe.”
Jeff Wang Oct 9, 2024 ▶ 6:23 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024 bullish
Disclosure
Wang: Shopify is one of SCGE's biggest winning investments
“So Shopify is has been one of our biggest winners. It is also one of my bigger regrets in terms of post COVID.”
Jeff Wang Oct 9, 2024 ▶ 8:47 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024
Disclosure
Wang: SCGE re-underwrites every portfolio position during quarterly reviews
“And so one of the things that we do is we have a quarterly review of the entire portfolio where we do a re underwrite of every single position, because unlike the venture world, we can buy and sell.”
Jeff Wang Oct 9, 2024 ▶ 10:35 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024 negative
Disclosure
Wang: SCGE internal employee surveys turned 'downright awful' in 2022
“The initial, I'd say right post COVID, the surveys were very positive. You know, everyone's super happy. You know, everyone's feeling fulfilled. They're doing good work. And then you can see the surveys just getting worse and worse. And then in 20, 22, they're…”
Jeff Wang Oct 9, 2024 ▶ 1:09:01 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024
Assertion Not checkable as stated
Wang: Sequoia considered shutting down its global equities fund in 2016
“And so there's this crucible moment in 2016 where Sequoia decided to part ways with the original PM and actually consider shutting down the business entirely.”
Jeff Wang Oct 9, 2024 ▶ 12:23 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024 bearish
Disclosure
Wang: SCGE held Twilio too long, missing out on legendary returns
“So Twilio initially was a very good investment for us and actually ended up being a decent investment overall. It could have been a legendary investment. We held on for too long.”
Jeff Wang Oct 9, 2024 ▶ 30:39 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024
Disclosure
Wang: SCGE assigns separate partners as devil's advocates on controversial deals
“One thing that we will do is we will have a fresh underwrite from a different partner where you have a devil's advocate position.”
Jeff Wang Oct 9, 2024 ▶ 11:00 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024 neutral
Disclosure
Wang: SCGE allocates 70% of research to themes, 30% to companies
“For us, 70% of our research process is actually up front on the theme, and only 30% on the actual company.”
Jeff Wang Oct 9, 2024 ▶ 0:09 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024 bearish
Disclosure
Wang: SCGE is prioritizing public markets over privates due to deal quality
“And so right now, for example, we do not see for SCGE as many opportunities in the private markets And so most of our attention is actually on the public markets.”
Jeff Wang Oct 9, 2024 ▶ 20:56 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024
Disclosure
Wang: SCGE originally invested in non-tech assets including ports and airlines
“Gone were the days of investing in lodging companies, port infrastructure. We even invested in an airline miles program.”
Jeff Wang Oct 9, 2024 ▶ 13:19 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024 neutral
Prediction Not checkable as stated
Wang: SCGE targets steady-state private exposure of 20% to 25%
“I think closer to 20 to 25% would be more comfortable because then that gives us an opportunity to add. I think If we are focused primarily on the public markets, let's say if we had 50% of the portfolio private, that would feel too illiquid to me. So 20 to 25…”
Jeff Wang Oct 9, 2024 ▶ 26:28 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024 negative
Assertion Supported
Wang: VC and PE firms launching public funds historically fail
“The history of venture PE firms launching public funds has not been a good one.”
Jeff Wang Oct 9, 2024 ▶ 34:07 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024 positive
Disclosure
Wang: Michael Moritz still helps write SCGE quarterly investor letters
“Michael still helps me write my quarterly letters to this day.”
Jeff Wang Oct 9, 2024 ▶ 1:02:21 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024
Disclosure
Wang: SCGE takes carry once every three years instead of annually
“We have also a three-year incentive crystallization. And so what that means is most hedge funds, as you probably know, just take carry at the end of each calendar year. We take carry once every three years, and we also vest ourselves over a three year period.”
Jeff Wang Oct 9, 2024 ▶ 35:47 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024 positive
Assertion Not checkable as stated
Wang: AI generates $15 billion in incremental EBIT for Meta
“We estimate that it's not just delivering revenue. I think it's already delivering about fifteen billion of incremental EBIT, EBIT for Meta, right?”
Jeff Wang Oct 9, 2024 ▶ 47:23 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024
Disclosure
Wang: Only one-third of SCGE's portfolio consists of Sequoia venture companies
“So there is a portion of our business that, our portfolio that is Prior or existing Sequoia portfolio companies, right? That's maybe about a third of the portfolio”
Jeff Wang Oct 9, 2024 ▶ 15:09 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024 neutral
Insight
Wang: Only trim stocks when valuations get 18 months ahead of fundamentals
“I tell my team, don't tell me if, you know, ServiceNow is 10% too expensive. If we have a three to five year investment hold period, you know, 10%, if you get six months ahead yourself in terms of the pricing, it's not going to impact your IRR that much. Where…”
Jeff Wang Oct 9, 2024 ▶ 16:49 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024
Disclosure
Wang: SCGE manages $9B across two-thirds public and one-third private investments
“We had fifty million of internal capital. We now manage about nine billion of mostly external LP capital, but that internal capital amount is also now about a billion. The portfolio is about two thirds public and then one third private. And that one third priv…”
Jeff Wang Oct 9, 2024 ▶ 2:00 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024 negative
What-if
Wang: SCGE should have trimmed portfolio positions more aggressively in 2022
“I think 2022 was a period where a lot of these stocks got ahead of themselves and we should have, we had to trim, we trimmed a bunch, but we should have trimmed more.”
Jeff Wang Oct 9, 2024 ▶ 17:44 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
Oct 9, 2024 bullish
Disclosure
Wang: SCGE goes long Nvidia and shorts moatless server hardware stocks
“We can go long NVIDIA and then we can short a bunch of the companies that I think don't have the depth of modes that NVIDIA has.”
Jeff Wang Oct 9, 2024 ▶ 54:21 Jeff Wang: Sequoia Capital's $9BN Global Equities Fund on The Future for NVIDIA, Google & Meta|E1212 · 20VC with Harry Stebbings
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