The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 10 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Grady: 10 years of Sequoia data shows consensus doesn't drive startup outcomes
“So we have actual data on this going back to 20 14 where we started recording the votes numerically on every single investment. So we have about 10 years worth, which believe it or not is not conclusive because there are so few outliers that have emerged even …”
Grady: Sequoia made $1B+ more on Palo Alto Networks by holding longer
“Or Palo Alto Networks, where we went into that IPO with the exact same ownership position as one of our co-investors. We ended up generating More than a billion dollars more than them because we were more patient, and so sometimes it really pays off.”
Grady: Figma had $4.6M ARR at Sequoia's Series C
“So the series C and Figma, when Figma had, I think, 4.6 million of ARR, that was not at all obvious, but Andrew had spent three years Studying the design market and had a real point of view.”
Grady: ServiceNow generated $20M free cash flow on $25M ARR in 2009
“The very last slide showed that they were generating twenty million of free cash flow. And that was on twenty five million of ARR because they were getting paid in advance for two and three year contracts.”
Grady: Sequoia invested $52M for 20% of ServiceNow at $260M valuation
“We invested fifty two million for 20%. And for anybody keeping track, that is two 60 post on twenty five million of ARR generating twenty million of cash.”
The US trucking market is double or triple total software revenue
“First, self-driving trucks or trucking in the US is a massive market. It's like two or three times the total size of the software market in terms of revenue dollars.”
Grady: Zoom founder Eric Yuan required nine visa applications to enter US
“Eric Yuan, as the legend goes, it was his ninth visa application that finally got him into the US, right? Like, he was seeking out a better opportunity for himself, and he stuck with it because he really wanted to see it through.”
Grady: Sequoia grew its investment team from 14 to 27 over 17 years
“When I joined 17 years ago, we had 14 investors, today we have 27, and so that's less than a two x over, you know, 17 years.”
Grady: Sequoia expanded platform operators from 2 to nearly 60
“When I joined, we had two people that I would call kind of front office operators. So not compliance, finance, all that good stuff, but Two people, one in marketing and one in talent who were there to amplify the efforts of investors and serve the portfolio. T…”