Ben Gilbert: belief

Transcript context

…Well, we don't have the exact data on the returns of Sequoia’s early funds. We have a general sense from a few sources that we can talk about but compare that to how the NASDAQ performed over a similar point in time which is the closest you can come to approximating this type of investment as an investor at this point time. Yeah, and I guess what we’re doing here is we’re sort of rolling together value creation, value capture, and grading. To touch on what we do in the section with value creation, value capture. Normally when we’re covering a company we say, “Hey Shopify enabled $250 billion of sales,” or something like that, I can’t remember the number, last year. How effective were they at actually capturing that value that they created? I would say Sequoia has been surgically good at capturing the value that they create in the world with a few misses. I don't think Don had any trouble capturing the value he created in the world. Certainly, knowing Sequoia today, no. I think it took them many years to learn how to do that. Even Don coming from the background and the personal investing he did. The Apple decision was such a huge mistake. Sequoia captured $6 million of value from Apple and lost out on dozens to hundreds of billions.…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.