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 14 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
Sequoia Acts as Cutthroat 'Front Stabbers' for Maximum Round Allocation
“Sequoia, you know, we are as cutthroat as it gets, right? Like we are front stabbers, you know, we'll, we'll, like, we don't hide that in general we want to do usually as much of a round as we possibly can.”
Fund Returns Are Inversely Proportional to Team and Fund Size
“Doug has this presentation, he calls it the laws of physics, where one of the laws of physics is that fund returns are inversely proportional to team size, and also fund returns inversely proportional to fund size.”
Reed: Sequoia Capital Global Equities is largest TMT hedge fund
“Sequoia Capital Global Equities, which is, I think at this point, the largest TMT long short hedge fund in the world.”
Formulaic Playbooks Create the Worst Tech Board Members
“A paint by numbers approach to anything in technology and anything in investing is bad. And I think the worst board members tend to try to be the people who come in and take the reins and run their play, run that company through their playbook because playbook…”
Reed: Silicon Valley is ethical; bad behavior comes mostly from outsiders
“By and large, people are, like, good and ethical in the Valley. Like, it's a pay it forward place. It's a repeat game. I think there's a reason why a lot of the, you know, bad behavior comes from people who aren't from Silicon Valley.”
Reed: Prior experience cannot prepare investors for VC's multifaceted demands
“It sort of doesn't matter at all what you did before, because nothing you do before joining a venture capital firm prepares you for how truly, like, multifaceted long-term success is in venture.”
Generative AI Creates Unprecedented Revenue Ramps Through Immediate Distribution
“Because of that fact, like, you know, everybody's on the internet,
All the time.
And most of these technologies are available at the get go to everybody.
you can see revenue ramps like nothing we've ever seen before, right?
because it's transformative techno…”
Reed: Figma S-1 reports 13M MAUs, two-thirds non-designers
“In the S one we reported, I think, thirteen million monthly active users, two thirds of which are not designers.”
Reed: Public market exposure prevents VCs from losing valuation discipline
“It's hard to really lose your mind on things if you have the forcing function of the public markets, you know, around the corner every single day.”
Reed: Running executive searches together aligns investors and founders post-deal
“I think one thing I like to do pretty soon after leading an investment is do an executive search with the founder. I think it's like a very nice way to get from the opposite sides of the table when you're negotiating an investment. You know, the first thing yo…”
Reed: Effective board members act as emotional shock absorbers
“And then there's this concept that Roloff talks about a lot of being a shock absorber on the board, which is something that I really, really believe in. You know, when things are going well, many board members love to do the rah-rah cheerleading board meetings…”
Reed: Sequoia Made Single-Digit Millions on a 40x Return in Apple
“It was, in the single digit, I think it was, I think Sequoia made a 40 X on a 150 K. . Wow. So single digit million dollar gain”
Reed: Doug Leone Made a $3B Gain on the Wiz Deal
“I think on Wednesday of last week was in the whiz deal was announced. And, you know, yet another three billion dollar gain for Doug Leone.”
Reed: Many Sequoia investors start in their twenties and apprentice for years
“You know, if you look at a lot of it, a lot of the people at Sequoia started in the early twenties here and apprentice, you know, were nobodies for five, six years. And then all of a sudden people started recognizing them when they had, you know, amazing, amaz…”