12 Burst results for "Sequoia Fund"

"sequoia fund" Discussed on This Week in Startups

This Week in Startups

01:39 min | 2 months ago

"sequoia fund" Discussed on This Week in Startups

"The diversity of those not the overhang of the series c. or disease which shows the diversity in investments ten years ago right. Because you're going to start to understand what happens five years from now. As opposed to absolute as opposed. Just the reinforcing issues today and you could do it with new funds when you look at a fund that was formed today or in you know this year that the twenty twenty cohort of new funds. Whatever sequoias fund this year. If you compare the diversity in that group versus the fun from three years ago. Five years ago that's still being invested out of continuation funds and follow on rounds etc. will they. They might be very different right as cisco. Do you have a sense of what your you invest regularly. Do you have a sense of what your numbers look like yes. It's massively diverse in the last couple of years massively but we specifically did something to change the number of inbound. Which was we started doing founder university just for women which you frequently join me for thank you. We do found university six times a year. I think three think four of the six times either for underrepresented founders or female founders and then that gives us a pool of two hundred fifty people each time to meet to explain to them. What know our goldilocks zone is for the accelerator and then each accelerated class. It's gone from one female founder and six now founders to two and five and three and four and look at the founding team of course and it's really changed dramatically dramatically and we really interesting to see how returns what how returns change Yeah that's i've heard both sides of the story like.

founder cisco
"sequoia fund" Discussed on The Playbook

The Playbook

05:28 min | 7 months ago

"sequoia fund" Discussed on The Playbook

"Are you teaching? He said well I've got my poster. It's hanging up on the you know the. Live. Telephone Pole and no one's calling the beachgoers. And I told him I said well. I'll help you I have a background in the Internet space. That's what I did and I'll help you find students, and so we helped. Keep him out of Chile's. That was my motivation Randall. I gotTA GOTTA. Keep him at Chili's and help him make a better living doing what he loved to do. And I just had this belief that over time more and more people would buy people and by services over the Internet lessons. Yeah, and lessons, and we kind of like kind of I. Don't know if could say right place, but still wrong time. We were still early I started. Started, but over time you know we didn't die and and we found always found a way and state extremely nimble, listened to customers over and over again and thing that I learned. Is that I probably was wrong more than I was right about most of my assumptions about the business, but I as a team we had the ability to stay very agile and humble, and keep listening and keep changing the product until we had product market, fit, and we. Luckily we found that before we ran out of money. Yeah, it's interesting because there's this nuance that I've learned about money and. Working in Korea in the Silicon Valley, you know being older, I saw so many businesses that the only reason that they thought they were successful is because they had raised so much money, but most people don't know that a lot of those business don't even make it, and I don't think it's a fair assessment for a young entrepreneur to compare themselves to some sequoia funded. Half a billion dollar company that can afford to evolve I mean. Who was an index? Google was an optimization tool. You know all of these different business linked in took a long time to evolve. kwami had a great vision of it, but it's completely different than what they anticipated, but as a pure entrepreneur in in listening to one of the interesting things as the we stayed in business, but we were early. I'm not necessary. I'm not a big fan of that like I think the early guys are the ones that win. That can stay in business because you've. Got Us that. Ship is people. Your piece of is I'm like if you don't wake up in the morning and tell yourself my goal is to make sure I'm in business tomorrow. You're missing the boat. Everything else comes after that. Yes, because I guarantee. If you stay in business, you will evolve into something successful. You'll make tons of mistakes. Tons of lessons learned you'll spend tons and tons of investment. Money on all types of I. Don't believe in sacrifice the investing in yourself right so that's why I asked like where you live because I love people like I lived on MOM's cowger. Hung my girlfriend. But, it's not sacrifice, and you know to have the believe that there's value in what I'm doing because. I was able to change my friends life. Right at its core, you started a business because you solve you. You have skill. SET The internet marketing. You saw that you change your friends, life and that if you could do that, that would scale now. The question I have is how. Can we explain to younger entrepreneurs that ship takes time. Right like it just you can't unless you have a half a billion dollars and you can buy it and you got that lottery ticketing even half billion dollar investment. You're probably one hundred ten chance to make it right, which is still better than your normal entrepreneur. But how do you explain like you cannot just generate a whole bunch of business, even locally overnight? Because you have a good idea in your Internet marketing person, I'm building my brand to people out of time..

Randall Chile Google Korea Chili
"sequoia fund" Discussed on Acquired

Acquired

14:52 min | 1 year ago

"sequoia fund" Discussed on Acquired

"At that point in time It's a difficult question for me to answer because I don't think I thought I didn't know anything about. Why WOULD MAKE TECHNOLOGY INVESTOR? What as led to my success. Is I hustle the lot. This people like Jim Guests. Who can product manager with a founder product? There are people like Mike Morris who have incredible intuition. Guess what I did. I bet you can guess I may thousands of cocoas. I get in front of everybody. I am not kidding when I said I went from being insufferable to suffer -able overtime charming was maybe the last five years Dirty and so exactly was complete journey and so I just worked and build knowledge and I develop a network and some luck. There's always some luck lots of hustle. Some brain some skill I was able to generate some of their ideal flow and had a very lucky. Good start. My first reinvestments were. Ipo's which was good but it also build the false sense of confidence. Because after that I thought I knew something and I woke up one day in two thousand and one I looked at my ten boards and I said Oh my God there's not a winner there and so it was an early success go through the abyss and I see investors here go through the abyss and when someone goes to the abyss you gotta let them pull themselves out if they come out the other side. They're terrific and so I went through the abyss and then I went. What were those first three that there was arbor software which is a darling software company that went public and then merge with period okay when it went public it was the largest wind sequoia ever had a company called I. N. S? Which was a service company built on the notion that companies cannot swallow routers as fast as the like to swallow routers. And therefore we could have a services company a company. We took public in Seoul for seven billion dollars to two lucent. Seven billion in nine hundred. Ninety eight was a lot of money and a company called Renaissance Software which was a Wall Street trading system which was which was really my strong point. I understood what I was looking there. I did not know that was acquainted and a funny story in the case of Arbor software. If you want to know the real story I was here for three years. Almost got thrown out. People want me out. Don is the one that saved me. Give quote give the kid more time kind of attitude and I needed to get something done. The founders of Arbor where two weeks from bankruptcy personal bankruptcy that neither came to my house. I said you gotta get a deal done. I got a good deal. I think you're investable. We created the presentation. Wow that PR- that got presented the next day to sequoia and the inside I had Don Valentine held for that day undestood. The problem the end consultant. They understood the domain of the pain and they just did not articulated in a fundraising pitch and so we created a pitch and we got the company. I say we because even though we got to company find it. The partners trusted me so much that one partner and I want to tell you the only reason why I did. It is because there was a credible co investor in his mind. Nothing to do with what I knew said but we get the deal done and we have the investment made just starting to people not a line of code a seat if you will back then although he was a series eight two million and we made it so we ended part one of our sequoia history with Don in Nineteen ninety-six calling you and Michael into a conference room and passing the firmer to what was that day like for you to these. Three companies had become winners and I could imagine the conversation too. We should made dug a partner. I'm sure it was an easy one. In in one case I had a track record in the other case. Remember the insufferable part and the conversation must've gone around. What is he going to be like if he's a partners even to turn into a monster kind of conversation which I did? Obviously it's not as black and white as don turned it over to my parents and me. I actually went back and looked at carrier location. Not because I want to carry gut. I wanted to see if my memory serves me right. It turned out that Mike and I had more carry than the other folks. It wasn't though black and white. It's yours we were from Syria. Were the ones with the track right. Well I got promoted to GP. I had one you know one tenth of the carrier. Don Valentine of sequoia six and a year into the fun Don said we are changing the carrier make us all equal understood that he needed to make sure the young people were. Maga- act like Like associates even though. Yeah with partners and sleep. Flatten the partnership and in Sequoia six and. Now it's sequoias seven. It was more Mike and I were the the more aggressive ones. The ones that have been a track record. I remember Dan set with Mike in. I didn't say you're the leaders did not anoint us but he had a conversation just with two of us and Dan had a green sheet of paper with all the things that investor does and check marks next to what he's willing to do and he pushed a paper as he always would and said you figure out if you want me around and this is what I'm willing to do. He wanted a. We offered carry in that fun we gave. Kerry don the next phone which turned out to be Google Fund. We actually took good care. Oh Dan we gave car some carry not GP Kerry of a couple more funds never aggressively Ashford. I remember when you walk into. Don's office and tell him no more. Carry refunds later any chuckled. He said what took you so long and but Mike and I were were. Were the two if you will more senior. We rotated the Partners Meeting. Who would write down the companies who was the leader of the partners meaning for a year or two until my stepped up and said this is not gonNa work. He offered to be the one doing it. We all agreed he did it. And so it became that Mike was really one and I was one eight just to. I don't want to rewrite history. One A we. We had similar. We EXACT COM. Mike was the CEO if you will. I was a coo aware partnership and that's how we ran sequoia Until Twenty twelve When my step down for health reasons and Doug as a point of clarification when you say sequoia sequoia seven q explain a little bit. Sorry there the funds. The successive funds voice sick was a six fun. I see where I became. A general partner was the last really true partnership with Don was full full time. Six seven Don was anginal partner. He had less You know and and the partnership was run by five or six other partners yet. And then Mike Morris took the lead and I became one a and get a sense of what early stage fund number. Are we on now? We are in seventeen. Got It okay. So rate rate when this happens in the transition to sequoia fund seven the whole world is changing rate league because sequoia originally Don came from the semiconductor industry and then there was the P. C. Software wave but now the Internet is here. Yeah well not yet. The is actually a few parts and part was first of all sequeira. Five was sixty seven million because a truly lack of ability to raise more money. We're raise the growth fund for one hundred sixty five million that we didn't know what to do. With in fact we invested the growth fund and the average check size and that fund was two million dollars turned out to be a four point five x net funds which is a terrific performance because we invested like venture fund When we race. Ah Koy a six which turned out to be the out the Yahoo Fund. The returns from five were not yet visible when Mike and I went off on reasons. Sequoia seven the limited partners said who the heck are you guys. And we lost some declines. We lost some big LYLES and sequoia five turn out to be a fabulous fund sequoia six and incredible fund sequoia seven is spectacular fund sequoia the Google Fund an Amazing Fund soul. Mike and I and the other partners got an incredible start and then nineteen ninety. Nine two thousand happened. We did not know the meaning of the word clawback for you listeners. Were clawback means is when your funds are doing so poorly that now you are a lot of money back to your limited partners and we had war-room meetings here. It's a quiet in two thousand where we owed more than our net worth. And how do we get ourselves out of that? And is that of the fees that you've already taken US compensations and carry. Maybe we had an early win and we to carry in the rest of the Fund is attorney and we not only because you when when you have early wins you assume the funds being you carry but let me make things more difficult and that early win. You're giving shares that you hold and zero. Oh so you didn't even have that so you hold the shares in your coun- because it's nineteen ninety nine. Those non-real companies shares zero so we had warm conversations and we choice to me and the choice to make to borrow a line from golf and I don't play Golf Coal Mulligan. Most of the venture industry considered the funds in that period. Cold The mulligans. Yeah they are they're crappy. They lost money. But you know it's a do over. We took the opposite approach. No one was GONNA lose money at capital so we took funds were point three x meaning if one hundred million dollars. That foam was worth thirty in. That case was three hundred or five. Hundred is worth thirty percent of that and we brought them up to close to x just by giving up fees not collecting them and reinvesting money. Every time we had a game we reinvested reinvested because we wanted to have the pride of never losing money and so those were formative time for been so easy for you guys and most other firms did say. Call mugging we're GONNA take the loss on this. We'll start a new fund that we get fees on think about it sequoia for is the Cisco Fund. Don Valentine Sequoia five younger team. Older TEAM TO RIFFA SEQUOIA SIX. Yahu and many others than video. Many other sequoia seven many companies sequoia aid Google. It would have been so easy for us to call it and we just refused to and we just refuse to do doug. It reminds me a lot of the two thousand eight story where Ford refused to take the federal government bailout and say yeah. Yeah it would be easy for us to do this. But REPUTATIONAL. It's important to us and all of our customers or your clients for the next decades to come that we don't do this absolutely and while. I tell clients those times won't be chapter one in Sequoia Book. They'll be a chapter. There should be a big shopper. That's devoted. It is may be our proudest moment at sequoia capital. It is not when we've had you know had funds close to twenty x it is not does twenty x fund. The most proud time is when we decided. No one's GONNA lose money at sequoia capital and we're going to go to work and we went to work for ten years to make sure that the other aspect you know listeners think this is just about reallocating fees are not. It's that you you had a lot of work to do with those companies because you still had those investments. It would have been easy to say. Yeah these are Zeros were just GonNa do whatever but you roll up your sleeves and say no. We're GONNA turn these into returning capital at a minimum so Mike Moore. It's is a bread. Strategic Mana few words things fourteen. Step ahead on my gregarious Italian and I'll tell you it hasn't always been easy. Mike would say the same thing by. We made a work for twenty years. And I'll tell you. During those times we thought exactly alike. You can burn a cigarettes and our arm and we're not GonNa Flinch. We're going to bring these funds home and it was amazing how two different cats with two different backgrounds with two different styles who get along a lot and and really argued some as you would imagine which is terrific because that means we pour two different views and issues. That is a strength during those times. There was no question where we're GONNA do. Yeah I don't think we ever have the conversation. I don't think we even such we do this. I just think we had to. Yeah that's a special thing to be able to to get in that lockstep with another person. Do you feel like that sort of that rare thing. That happens once or twice in a person's life. And how do you attribute sequoia success to you to being lockstep like that on that issue? Yeah look it happens and sports teams. It happens when people go to war. They never again feel. Why do people keep on going to Afghanistan? A reason they do that they missed that sense of career. I don't know if you study situations that that was wartime. Make no mistake Mike. And we weren't it wasn't our lives. I don't for a second. I I love and respect to people that serve country. The things they do are far more important far more courageous than Mike and I did. I want to make that crystal clear. We should be grateful to them but it was a similar sense of computering business. Lives it no nothing to do with business lies it was. It was the fact. Each one of our cells in our body could not do that. Nothing to do. We gotta save our career our money none of that. It had to do with being a bad ass and doing what nobody else would do. That's what has to do with do the right thing when it's inconvenient to you. Yeah yeah that's 'cause it yeah it would have been so many. Other firms did during the talent at the Mulligan. Their business lives were fine. We're talking about this era right around Google's founding and we're we're talking about your partner Michael. There's a quote that I I've heard you mentioned the past Reith. It's something along the lines of Michael telling you a few months after making the Google investment. We've we've never paid so much for so little. I think is what John Door told. Mike. Morris We did know what Google did. For a long time We knew we had smart founders..

sequoia Mike Kerry don partner Google sequoia fund Mike Morris Don Valentine Sequoia Don Valentine sequoia capital Sequoia Book Michael Doug Cisco Fund Seoul Jim Guests Ipo Mike Moore
"sequoia fund" Discussed on Acquired

Acquired

07:01 min | 1 year ago

"sequoia fund" Discussed on Acquired

"I don't actually want to run this thing day today. I'm going to be the chairman and really help these guys but regardless with this in a perfect example of Don's company building at work and management team at recruiting on the back of this apple raises their first venture capital round of just over over half a million dollars interestingly the lion's share the capital comes not from sequoia but from Vin rock which does a little over two hundred fifty thousand dollars Donskoy. Let's go to one hundred and fifty thousand dollars. Arthur rock does the balance so apple is off to the races and they really you know as we've chronicled many times and will continue to chronicle in the future really invent the personal computer usher that wave of technology in two years later though this is this is the David side there comes. This is just so painful so painful and clearly has left its mark on on sequoia two years later. I couldn't find all of the circumstances around this but to the best of my understanding so the first Sequoia Fund did not have only tax exempt nonprofit. LP's in it it also had I believe feeding individuals and maybe corporations and Dot Salomon Brothers better there folks like and certainly capital group as a result of that those folks needed to pay taxes and apparently some of these LP's or encouraging aging don to make distribution of some of the gains in the fund so that they could pay their taxes on the gains and so apple had grown quite quite a lot. It's now nineteen seventy-nine and Dan before the IPO cells sequoia steak which they had invested one hundred fifty thousand dollars for six million dollars A to make this tax distribution to LP's. Now that's an enormous returns phenomenal phenomenal return but oh my goodness six million dollars compared to what apple you know would shortly become and then ultimately in the long term of course become and it's this lesson that drives Sequoia Sequoia in subsequent funds to take to take their capital only from nonprofit tax exempt sources which becomes really not certainly the norm across the industry but a goal in the lion's share of money that moves into venture capital is ends up. Being University Endowments Foundations folks that are Super Longterm impatient and aren't going to force BBC's to make this terrible decisions like this yeah another you can sort of check me on this. David it but my understanding is sequoia more so than your average venture firm all holds the stock in companies longer after they go public and and often sticks with the companies for very long time I think probably also inspired by this lesson this and and others that we're going to that we're. GonNa talk about here. in Short Order Order you know we're going to talk about the playbook in a little bit but one of the key lessons that they learned is like when things are going well go along you know like value creation creation in these companies that are building and creating enormous markets takes a long long long time. I mean just look at you know AIRBNB. Look look at Google. Look at it. Look at Apple. You can still be getting enormous. Enormous value creation a decade plus after these companies are founded regardless of whether they're private a bitter public yep so it's fascinating to think about you know the first couple of investments. I two out of a handful of investments being apple and Atari in total you returned a profit of about ten million dollars or a Max of ten million dollars is wild to think that that is the sum total of of of sequoias return on those two companies. I know I know but at the time I mean like even you know pulling it into context today lake if we within the two to three years of starting wave if we could be sitting onto X. cash distributed like I would feel great about that you know but the lesson here is like that's not the game where the business business were in or the game. We're playing the game. We're playing is like ten x plus cash distributed and to do that. You really need to be in it for the long haul especially when you're investing early yeah the other thing to know here and David as you as you foreshadow and you've been smiling a little bit we will get into this much more later this season but with Atari sorry the Atari boom that we all sort of know of in the eighties was after it had sold to Warner and so you know it's quite an even have an option in participating participating in that upside unless they were going to block the sale yeah yeah totally and that also leads to another part of this quad playbook which is like when things are going well really tryin. Brian convinced these companies to stay independent and not sell. I mean look at instagram rate. Selling instagram to facebook was a it was a terrible terrible mistake by the founders and the investors even though you know it netted them great returns at the moment and was interesting. Sequeira ended up investing right before before that deal happen that is a debatable topic but we can. You think that's debate. I think if it had gone a lot longer than facebook would have had to pay a lot more more like in the dozens of billions of dollars to acquire purely because there is a very very high user count social network that is a threat to them however do I think that instagram would develop the business that they have today that is billions of dollars of revenue flowing through them by advertisers. Maybe but that's not a sure thing thing I mean that's all because facebook had had done funneling all their existing advertiser there. I think that's true and certainly the helped accelerate it grow it more quickly me but at a minimum instagram should've waited you no longer in an had what's ask acquisition their bare minimum you ah it's so hard to it's easy to armchair quarterback this now and aren't to be sitting in the seat of Kevin Mike when they have a billion dollar offer in front of them uh but this is the value I mean sequoias learn these lessons over so many decades and seeing it time and time again so the other lesson that they take from apple is what Donald Square call an an aircraft carrier approach that they start taking to these big markets they realized on realizes that apple has created this pc market and it's not just going. GonNa be Apple. That's going to succeed in the PC market. They're going to usher in all of these other enabling companies that you need around the PC so like apple is the the aircraft carrier but you need all the destroyers and the you know the ship surrounded and like all the planes on the ships and all that stuff so they start financing component companies companies around the PC industry apple and Don helped start a company called Tandon Corporation. That makes describes they are. I investors in ten and Tannin goes public public after a couple of years really market cap of over one and a half billion dollars..

sequoia apple Sequoia Fund facebook instagram Don David LP Arthur rock chairman Vin rock AIRBNB Google University Endowments Foundati BBC Tannin
"sequoia fund" Discussed on PRI's The World

PRI's The World

14:58 min | 1 year ago

"sequoia fund" Discussed on PRI's The World

"I'm Carol Hills this this is the world where a CO production of the BBC World Service W. G. B. H. PRI NPR affects the UN General Assembly meeting this week in New York today the main focus this is climate change. We're back with the world's environment correspondent Carolyn Bieler. She's at the UN Climate Action Summit in New York Caroline to gauge how successful the summit has been. You've been watching who says what and who didn't even show up at the summit how successful has been going at this point so as expected of course the US was not on the the stage president trump did actually stopped by for a few minutes to watch the proceedings on his way to speaking at another UN summit happening here one on religious freedom but here on this this side of the UN to other big amidror's China and India did get spots on stage even though none of them met either of the big demands that the secretary general was calling for it ahead of this summit over a aim towards carbon neutrality by twenty fifty or to stop building new coal fired power plants by next year and this just shows the buying the secretary general and the UN are merely in under the Paris agreement. They could ask countries commitments but they cannot force them so it's really up to these countries to decide what they're going. Bring to the table so if China and India didn't talk about what they're gonNA cut. What what? What did they say when they got up there? India's Modi pledged further or their investment on renewable energy a target of four hundred fifty gigawatt capacity that was new and perhaps the biggest news or disappointment today is that China China the world's biggest demeanor did not commit to new targets for cutting carbon by twenty twenty so far they have pledged under the Paris Agreement. He pledged hit peak emissions by twenty thirty. There was some hope that they might announce it. They hit that target much sooner or actually announced new more ambitious targets gates and today in a rather innocuous statement. China's representative wall new dashed those hopes here he is through a UN interpreter China Wales faithfully fulfill our obligations under the UN FCC and the Paris Agreement and realize as scheduled. It's nationally determined contribution targets. There was a little piece of news from another big amid Russia. They finally ratified the Paris Agreement today but the top line today is that while smaller vulnerable nations are calling for action in and youth have made a big splash here larger meters including China India and the US are kicking the can down the road to twenty twenty when their a new emission standards will actually come do now that is a few caveats including Germany the world's environment reporter Carolyn Bieler in new ORC Chancellor Angela Merkel of Germany spoke at the UN's climate action summit today pledging to ban coal use in her country slenda since you hope let Dogma problem via it's still and it also said today that industrial nations have caused global warming and developing countries are suffering. The most markle's said industrial countries have obligation to stop global warming and Germany will double its funding commitment for global climate protection in Germany last Friday. Merkel's government unveiled an aggressive new plan to tackle climate change but critics at home are calling her new policies faint-hearted disappointing reporter. Rachel Waldholtz takes a look in Berlin on Friday. It was all about climate change more than a hundred thousand people gathered at the city's iconic Brandenburg Gate demanding more action the protests here like others around the world were led by young people walking out of school and they chanted what has become the strikers signature slogan. We're here. We're loud because they're stealing our future. That accusation is aimed squarely at Germany's politicians especially Chancellor Antler Angela Merkel who protesters say isn't doing enough to combat climate change and Merckel has definitely heard them. yummy fizzy dozens of physical sequoia funds just blocks away from the protests. The chancellor held a press conference to unveil a new proposal to get Germany on track to meet its commitments under the Paris climate agreement it Merckel said action on climate change is non-negotiable as this knee sawdust via at was delicious at I must've Ed it then some good. We're not doing something logical here she said but something for which there is no evidence with that she introduced a plan to spend about sixty billion dollars dollars over the next few years to reduce greenhouse gas emissions and said Germany will aim for net zero carbon emissions by twenty fifty to help get there the plan set a new price on emissions missions from vehicles and buildings in many countries like the US. This would be a pretty big deal but here in Germany. The reaction has been frustration gratien. It's very disappointing. The government has really failed to come up with a big deal here. That's Brigada. Not of the Mercator Research Institute. She helped advise is Merkel's government on setting up the new carbon pricing system but she says the government's proposal is way too weak. The plan would set the initial price at ten euros per ton of CO CO two emissions to put that in context it would raise the price of a gallon of gas by about ten cents and that's far too low to have a effect of substantially steering perfect and according to our calculations. This price should have been five times higher. Club wasn't the only one disappointed headlines throughout the country pan hand plan but here's the thing just a year ago a climate package. This ambitious would have been unimaginable. Germany has a reputation as an international or national climate leader but in recent years the country has struggled to cut emissions and politicians seemed unwilling to do more and then in the last eighteen months the politics of climate change shifted a stifling heatwave is blanketing Europe this weekend the major heat wave in the summer of two thousand eighteen smashed records across the continent then last winter enter students started walking out of school on Fridays to demand more action on climate change. Germany had some of the biggest student climate protests in the world and then in May's what they're calling the green wave really strong performances by the Greens the Green Party made major gains in the European elections surging into second place in Germany. Matthias Book is a researcher with a think tank Agora Energy Venda. He says the political terrain has changed completely. Everybody in Germany has realized that you cannot win the next national election election unless you have a credible response to climate change in your pocket book says the Government's plan doesn't meet that standard but it is a step forward. Germany will now how have an emissions trading system and set of binding emissions targets both of which can be tightened in the future as for Merckel. She had a message for her critics. A doesn't politics from this shelf what distinguishes politics from science and impatient young people. She said that politics is what's possible. Protesters aren't satisfied with that. The student organizers of Friday's protest called Merkel's plan a bad joke and said politicians must do more until then they say we'll see you in the streets. The next strike is this Friday for the World Rachel Waltz Berlin back at the UN General Assembly meeting this week in New York outside on the streets artists are getting in on the action making a loud case for world leaders to address climate crisis this year. Manhattan is flooded with colorful signs large earth balloons and oversized paper. Moshe ashamed heads of world leaders but this artistic protests takes things to a whole new level. A Swiss artist is transplanting a forest into the middle of a soccer stadium in Austria. The world's Sarah Birnbaum has more the aerial view of the project is the most disorienting in my opinion. You're looking straight down into the stadium. Liam and you can see the bleachers the floodlights but instead of the soccer pitch you see a forest lake. It was dumped there as a prank or by mistake AAC but it's no mistake the art project in Clog invert Austria has been years in the making and it was quite an undertaking the artist Klaus slip-on and his team transplanted three hundred trees from nurseries in Italy Germany and Belgium some of them full grown and and weighing up to six tons and don't worry the artists say no trees were harmed in the making of this project at this point. You may be wondering and why why would somebody do this. Littman says he was inspired by a Pencil drawing from one thousand nine hundred seventy one in this drying. Trying spectators are gathered around soccer stadium but instead of watching a game. They're watching a forest in his promotional video. Littman says he was so taken you can buy the picture he went to visit the artist. Max pint tour when he had this idea that maybe one day we will have the chance to who see nature in base like this like Stadion so that's what we do already with animals in the zoo that was I believe very very impressive and then Nice said to him listen. This idea is so from testing. I think we have to realize although I want to realize it and then he said to me if you want but I think he didn't take it serious but now thirty years later nearly thirty years later visitors to the exhibit can't touch the trees or enter the forest all they can do is look them on dot the fun on Moncia at sixteen to a hint get done these visitors say if you go to the front you suddenly see nature behind bars ars. You don't have access to it. It's like a memorial and really gives you food for thought. If Marcus does the they like the fact that we're forced to see the forest when we go for a walk in the forest. We assume it's always going to be there. Not everyone is as moved by the project it got some unwanted attention from two of Austria's far-right parties. The stadium in clog inferred was backed by the late far right politician. Your Hyder and his followers apparently didn't enjoy seeing the stadium co opted by an art project class Littman. The artist says he was even costed stood in the street by someone shouting go away and take your forest it will ultimately go away and become a soccer stadium again but not until the end of October Tober after that all three hundred trees will be replanted in a nearby public field for the world. I'm Sarah Birnbaum seeing being is believing you can check out that forest in the center of a soccer stadium and our instagram page where at PRI the world at today's alday Climate Summit in New York Orca president trump made a brief an unexpected appearance. He was in the audience listening for just fourteen minutes in another chamber. Though trump was up in front delivering a speech about about religious freedom as something his administration has talked about a lot but as the world's Matthew Bell reports critics say the rhetoric has not always matched the reality. Donald trump trump told the gathering at the UN today that protecting religious freedom is one of his highest priorities today with one clear voice the United States of America calls upon the nations thousands of the world to end religious persecution trump said around eighty percent of the world's population lives in countries where religious freedom is under threat. He said people of many different faiths right now are being jailed tortured and even murdered for their beliefs and called on governments around the world to take action to stop stop the crimes against people of Faith Release Prisoners of conscience repeal laws restricting freedom of religion and belief protect the the vulnerable the defenseless and the oppressed America stands with believers in every country who ask only for the freedom to live according to the faith that is within their own hearts trump announced twenty five million dollars in new funding to protect religious liberty and a new partnership with private companies to address the issue though he didn't mention details Sean Casey worked on religious global affairs at the Obama State Department he applauds the trump administration for raising the issue of religious liberty and speeches and at conferences but Casey says the President's policies fall short in terms terms of action. I would argue he's probably the least effective president on religious liberty in the last twenty years case he says it started with trump's travel ban preventing people from Muslim majority countries from entering the US and on the two biggest examples of religious persecution with Muslims in western China and the row Hinga minority in Myanmar. He says the trump administration has done little to nothing. They've had no no diplomatic initiatives. They've been unable to change the behavior of the Myanmar government or the Chinese government. There are some bright spots with the administration's record. I heard on religious liberty says Galen Carey with the National Association of evangelicals appointing a special ambassador was an important step. He says but Carey says says there's one big disconnect. The administration's policy on refugees is very lamentable. Carey says that the US has had a historic and bipartisan partisan commitment to offering asylum to people of different faiths from all over the world who faced religious persecution the trump. White House has cut way back on Refugee Fiji Resettlement Programs and Carrie says that does not serve the administration stated goal of promoting religious freedom in the number of refugees to be resettled this year somewhat under thirty thousand compared to our historic numbers of between eighty one hundred thousand and there's even discussion of further lowering at number which we think would be tragic so we've called for the president to actually restore the refugee resettlement into its historic levels it but trump's evangelical base is still on board one prominent pastor told Fox News today that.

Germany Donald trump trump UN Angela Merkel government United States soccer China New York Paris UN General Assembly President India Carolyn Bieler Austria trump chancellor UN interpreter China Wales
"sequoia fund" Discussed on The Bill Simmons Podcast

The Bill Simmons Podcast

03:32 min | 1 year ago

"sequoia fund" Discussed on The Bill Simmons Podcast

"No. Let's worry about the past so we don't do it again and you can't like it so literally silicon valley so no not really has not been doesn't mean they won't be has not been reflected in any way they can. You imagine the can't even look in mirrors. I use that joke all the time. People laugh like they're vampires. Empires like you cannot see themselves in mirrors 'cause they can't self reflect and a couple of the market like you know brian trustee of airbnb. I've had some great discussions about the impact of of his business on on societies. You know you can have a really smart discussion with mark benny off at salesforce about that. We had a huge argument about ice in the work. They're doing doing for the customs and border patrol. It's he acknowledges it as a problem. Tim cook at at apple same thing of course it's in their benefit to talk about privacy because they don't sell and they don't have an advertising business but there's plenty of people who are willing to talk about it. You know such an adela of microsoft. The problem is all those people didn't didn't 'cause most of the problems and they're they're sort of sucked into it because do from relationship with those people because you recover in them moon they were. Nobody yes for sure you were you. The only one are you the only one john markov who's since retired but he covered the computer world you know he he i got to the internet he was. He covered in stuff. She knew basis this when you had like what five employees half of a head hair a lot of hand award i said before these khaki pants with a lot of you know when they had folds in the front a lot of that and a lot of blue shirts and stuff like that yeah he had a lot of here. Are there common qualities with these guys <hes> especially the younger guys before they make it. Is there some sort of similar traits theft. I i really was impressed by the google founders when i met them because they just they thought so or thankfully and there'd been plenty of search engines that time people forget they everyone's like oh another search engine when they were funded by kleiner perkins and <hes> who was the other one sequoia funded them and they urged me to go visit them and i did visit them when they were in the garage in the garage. Susan would use garage actually and <hes> in so i i was struck by the conversation i thought they were very inventive and interesting. So you saw the and basis was the same way inventive like he had new ways of thinking about. Are they nervous. Are they some of them. Was anybody like one of the coolest people in their high school or or college or are they all people who were just innovating in some dark office and you're trying to finish it out. 'cause i was a nerd <hes>. He was indeed inert. He was hard to get through to gates. Was that way too hard. We met <hes> owen. Donahue was president of facebook at the time they went through a lot of ups and downs early. Days and owen said you need to come and meet him and i said something like oh. I heard he's an asshole and he's like no. He's okay you should meet him and so i get there and <hes> <hes> and he walks into the room and he's like. I hear you think i'm an asshole. I'm like oh nice meet cute right and we then we ended up going walking around palo alto. He likes to walk around and stuff like that. I've always thought he was thoughtful. Same thing with i like evan spiegel probably one of the more i like talking to him. I always find something new from snapchat. <hes> the you know reed hastings from net flicks was i invited him. The creator of youtube <hes> chad hurley and <hes> the guy who created hulu lou jason cuyler to sundance and they put us in a basement reed hastings who started netflix and that was a netflix was still sending out the d._v._d. D._v._d.'s <hes> and so we were down in a basement at sundance talking about the future of.

john markov Donahue mark benny reed hastings brian trustee airbnb evan spiegel salesforce Tim cook sundance chad hurley microsoft netflix kleiner perkins theft apple hulu palo alto google snapchat
"sequoia fund" Discussed on Capital Allocators

Capital Allocators

02:24 min | 2 years ago

"sequoia fund" Discussed on Capital Allocators

"Region and results if you're interested in buying or selling a business in Latin America, I strongly recommend reaching out to touro you can find them at Toro advisors dot com. Hello. I'm Ted site. He's and this is capital allocators. This show is an open exploration of the people and process behind capital allocation through conversations with leaders in the money game. We learn how these holders of the keys to the kingdom allocate their time and their capital you can keep up to date by visiting capitol allocators podcasts dot com. My guest on today's show is Tom Russo. The managing member of Gardner, Rousseau and Gardner, a firm he joined in hundred eighty nine and where today he manages eleven billion dollars in a long only global value strategy. Tom buys the stock of global consumer businesses with great brands and holds them for a really long time. He looks for businesses with a capacity to reinvest cash flow and a capacity to suffer through short term pain in order to achieve long-term gain. Tom started his investment career at the sequoia fund in New York where he worked from nineteen eighty four to nineteen eighty eight. His first partnership started their Semper Vic partners has compounded at fourteen point six percent. A year for thirty three years besting, the S and P five hundred by three point six percent annually. Tom's a graduate of Dartmouth College and Stanford business and law schools. He served on the dean's advisory council for Stanford law school. Dartmouth College is president's leadership council and the advisory board for the however and center for granted dot investing at Columbia business school as well as on the boards of the Winston Churchill foundation of the US facing history and ourselves and the storm king art center. Our conversation covers how Tom created an investment strategy by Personalizing early lessons learned from Warren Buffett the capacity to reinvest the capacity to suffer and what it takes to own stock. For decades, Tom's time horizon in fortitude, isn't investor parallels. Those of institutions with permanent capital listeners will get a fresh perspective on what it means to be a long term investor..

Tom Russo Dartmouth College Latin America Stanford law school Warren Buffett Toro Semper Vic advisory council Ted sequoia fund Columbia business school Rousseau Gardner storm king art center managing member Winston Churchill foundation Stanford US New York
"sequoia fund" Discussed on The Twenty Minute VC

The Twenty Minute VC

03:25 min | 2 years ago

"sequoia fund" Discussed on The Twenty Minute VC

"Future of the company for them so in other words they can raise money ahead of where they normally would and that means that they have the capital to keep going for longer the downside of that of courses maybe they should have exited after the seed round maybe it's a bad market and the investor is giving them a lot of capital because they're great founder versus because it's actually a good opportunity and then the founder ends up locked in for much longer time period pursuing something that may be shouldn't have worked and so i think the downside of preemptive rounds extra capital is it also locks in the entrepreneur to a longer story and it removes the option value of actually exiting evaluation where lots of people would have bought them i think that's one big point the second point is if somebody preempts multiple rounds for you you end up with perhaps too much concentration in the hands of a single investor where they can really end up controlling the board or they may have much stronger voice when really what you may want as the company continues to evolve as a few different investors refuted from voices around the table to help give different advice because sometimes people give conflicting advice and that's actually good and if you only have a single investor maybe there's only one voice heard so i think there are some trade offs to taking a preemptive around you mentioned one of the drivers of these prints rounds being hugely phenomenal isis had any no one onto pasted one other domini system now that is the extended period of privatization companies i believe we have close to five hundred eighty billion inadequate company stole so is this lack of liquidity good for venture this cycle g thinki that i think the lack of liquidity is depends on how you define liquidity liquidity can either be defined as people's ability to exit a position or it could mean a company actually getting bought or going public and people always say that in the short run markets are voting machine along run there a weighing machine and i think what's happened is we have a whole generation of startups that have never been weighed by the public markets and i think for example that you know half of the unicorns or properly dramatically revalued and if they were public companies their valuations would be chopped down pretty dramatically relative to where they are today so i think for a subset of companies it's actually been positive for them to be private for longer but it may be bad for the ecosystem of raw because it's tying up a lot of capital and talent and pockets that may not deserve that capital in talent as much from venture fund perspective i think it's had both positive and negative impacts the positive impact is that vc's can continue to mark up certain companies in their portfolio and raised follow on funds and therefore if half of these unicorns should really be worth dramatically less than what they're worth some of these refunds perhaps shouldn't have been able to raise future funds answer the lack of liquidity and simpsons actually helped them from that perspective obviously the negative is that capital hasn't cycled back as much except for some of the secondaries that have happened which means that there's been much less liquidity in the system major haven't turned over capital which means they i know a few angels who dropped out entirely because they just ran out of money to keep investing and alternately it removes the ability to really measure what's working you mentioned the raising future funds that the other kind of tolman trend is the rise of megaphones from softbank to sequoia to lifespan too general catalyst billion dollar oil in landscapes multimultibilliondollar everyone is raising record amounts what do you make of this is this a sign of a bubble i think that the sort of mega fund that's mattered the most in terms of impact is probably softbank simply because at one hundred billion dollars softbank is the equivalent of one hundred general catalysts or twelve sequoia fund so just the sheer scale of capital that they have is pretty immense so i think that's been the thing that's impacted the ecosystem the.

one hundred billion dollars billion dollar
"sequoia fund" Discussed on Equity

Equity

03:57 min | 2 years ago

"sequoia fund" Discussed on Equity

"Sequoia is a largely reacting to that i don't think they want the vision fund coming into their later stage deals and saying hey guys a here's here are terms they might not sort of sync up with his sequoias terms but we have all this money so do as we say i think sequoia wants to be able to back its own companies as long as it needs to i think it wants dessert us it you'll be able to say guys we've been with you from the outset and we want you to stick with us in wraps knock with the vision fund in any case neal shun also exceeded his told the financial times that things have changed you know sort of as we've been talking about here with earn brin left you know these companies expand globally really quickly they're just much more capital intensive in the upper half before and if you want to play the game you can't just be writing a hundred million dollar checks on ships right much larger checks but what's amazing we're talking about just you know amounts of money that we've never talked about a passed so quick capitals last global growth fund was two billion dollars i'm not sure when they closed that maybe last but those are not the only funds or this is not the only funding it's raising also is raising reportedly a two point three billion dollar china sequoia fund our sequester china so capital china by the firm is raising a nother growth fund in the us it's kind of hard to understand how these different fools are going to be kind of differentiated scott i would say first of all this is a pretty exciting time in venture no matter how you look at it we've never seen anything like this before and i think one of the things that this points to though is the general shift toward international thinking in venture in sequoia is not alone there's a lot of other firms of who are really thinking about okay we're going to build great companies might be in the us might be a these companies are going to become global companies faster than they ever have before and so we need to start thinking ahead about what is it going to take to get those companies into those regions into into a healthy place where they might one day exit but the other sort of the silver lining on this for earlier stage funds is that it it creates this optimism toward raising being able to raise a larger round later to help grow these businesses because if you're a an a round or a be round vc firm in you've got a really hot company you know turn the clock back a few years five years ago you wouldn't have had that same optimism to say iva capitalintensive business that wants to expand internationally and i just don't know if we're going to be able to raise that fifty seventy five or one hundred million dollar round because they're just what they weren't those mega funds out there to be able to do that but the in sort of the darker side of that silver lining is that it also has the potential to push out ipo's because you know you start it companies that would have exited potentially earlier now starting to think well let's just do a secondary offer and just extend out and just get our build our business make it larger so that when we do actually get quired or we go public we actually the you know the company looks even stronger out paper so there's also another consideration for earlier stage investors knowing that there's going to be essentially a longer road to exit can ask does norwest to international investing or is it something that the firm is talking about we do we do we have partners actually in india in israel and here in the us so we do we do invest internationally because there's so many really great firms in silicon valley they're still only investing in the us and it's sort of interesting to me and i feel like sequoia did it right i mean i don't think we're necessarily paying very close attention here but twelve years ago it set up the shops in india and china and now they're really reaping the rewards in it's sort of a little bit late for other firms there were the firms like heiner organs among others sort of tried to get into china backed out a.

Sequoia one hundred million dollar hundred million dollar three billion dollar two billion dollars twelve years five years one day
"sequoia fund" Discussed on Invest Like the Best

Invest Like the Best

02:00 min | 3 years ago

"sequoia fund" Discussed on Invest Like the Best

"Malaysia then planet labs now planet planet is making satellites that look like loaves of bread and you launch them up into space we invest right before they did the first launch and then they did thirty one satellite sitting in the first launch now we've got about two hundred plus that are circulating there earth its largest constellation of earth imaging satellite in history and it's amazing so from this crazy idea in meta materials it leads to this company with bill gates which leads to an insight in a boardroom that sends us on a hunt to san francisco we fund the satellite guys and then we get the insight which exactly what you just said orbital insight which was an entrepreneur who said over time some of these images might become commodity and the real value is going to be doing the temporal analytical at analysis that you can say okay here's parking lots or here's the shadows cast on oil tankers as a proxy for their carryingcapacity or here's a caravan of trucks in china or are they going to a ghost town residential facility are they going to a productive chemical facility and that information was legal espionage that was valuable to corporations to governments her trousers and so we fund this guy jimmy crawford jimmy's amazing bill the ai for the morris rover brand google books went to climate corporate celta monsanto for billions so us and sequoia fund him bloomberg and will come in and none of that a priority was noble something that started literally reading scientific publication in proceedings the national academy science or science or nature that leads to bill gates that leads to planet labs at least orbital another example like that my partner chicane who is psychotically obsessed with cars i hate driving my wife we have a car she loves driving for me it's an anchor it's just the time right we talk about allocation of time in cash to spend attention on a road i cannot wait for yourself drug ha i mean this is the faster that it comes right the more time i have to read and talking of it so shahin is obsessed with cars and we're following all the stuff that's going on early in autonomous vehicles from gugel an uber and tesla and he finds these two guys and these two guys claim that they're gonna you know take on this market on we think the.

china Malaysia san francisco jimmy crawford morris rover google sequoia bloomberg partner shahin tesla
"sequoia fund" Discussed on Invest Like the Best

Invest Like the Best

02:00 min | 3 years ago

"sequoia fund" Discussed on Invest Like the Best

"Malaysia then planet labs now planet planet is making satellites that look like loaves of bread and you launch them up into space we invest right before they did the first launch and then they did thirty one satellite sitting in the first launch now we've got about two hundred plus that are circulating there earth its largest constellation of earth imaging satellite in history and it's amazing so from this crazy idea in meta materials it leads to this company with bill gates which leads to an insight in a boardroom that sends us on a hunt to san francisco we fund the satellite guys and then we get the insight which exactly what you just said orbital insight which was an entrepreneur who said over time some of these images might become commodity and the real value is going to be doing the temporal analytical at analysis that you can say okay here's parking lots or here's the shadows cast on oil tankers as a proxy for their carryingcapacity or here's a caravan of trucks in china or are they going to a ghost town residential facility are they going to a productive chemical facility and that information was legal espionage that was valuable to corporations to governments her trousers and so we fund this guy jimmy crawford jimmy's amazing bill the ai for the morris rover brand google books went to climate corporate celta monsanto for billions so us and sequoia fund him bloomberg and will come in and none of that a priority was noble something that started literally reading scientific publication in proceedings the national academy science or science or nature that leads to bill gates that leads to planet labs at least orbital another example like that my partner chicane who is psychotically obsessed with cars i hate driving my wife we have a car she loves driving for me it's an anchor it's just the time right we talk about allocation of time in cash to spend attention on a road i cannot wait for yourself drug ha i mean this is the faster that it comes right the more time i have to read and talking of it so shahin is obsessed with cars and we're following all the stuff that's going on early in autonomous vehicles from gugel an uber and tesla and he finds these two guys and these two guys claim that they're gonna you know take on this market on we think the.

china Malaysia san francisco jimmy crawford morris rover google sequoia bloomberg partner shahin tesla
"sequoia fund" Discussed on Capital Allocators

Capital Allocators

01:44 min | 3 years ago

"sequoia fund" Discussed on Capital Allocators

"Today's podcast is brought to you by toro advisers a premier newark citybased emina advisory batik specializing in midsize transactions of family owned businesses in latin america i've known the principles of toro for a long time and can vouch for their high integrity sunny disposition deep relationships in the region and results if you're interested in buying or selling a business in latin america i strongly recommend reaching out to toro you can find them at toro advisers dot com mm hmm a fellow i'm ted site eased and this is capital allocated this show is an open exploration of the people and process behind capital allocate through conversations with leaders in the money game we learned how these holders of the keys to the kingdom allocate their time and their capital you can keep up to date clive is in capital allocators podcast dot com my guest on today's show is tom rousseau the managing member of gardner rousseau and gardner affirm he joined in 1980 nine and where today he manages eleven billion dollars in a long only global value strategy tom buys the stock of global consumer businesses with great brands and holds them for really long time he looks for businesses with a capacity to reinvest cash flow and a capacity to suffer through shortterm pain in order to achieve longterm gain come started his investment career the sequoia funded new york where he for 1984 to 1988 his first partnership started there semper vic partners.

newark toro ted site clive managing member gardner rousseau cash flow sequoia new york tom rousseau semper vic eleven billion dollars