Patrick OShaughnessy(@patrick_oshag):Michael Moritz on why he doesn't think he'd succeed in venture today. "The venture business that I got into way back when is very different from the venture business today. I think it's become much more difficult. We had a variety of benefits back in the '80s and '90s that don't exist today. One of them being imperfect information. Pre-internet, unless you were very close to things, you didn't know what was happening. Today, everybody's got access to more or less the same information. Number two, there are just so many more entities of all stripes. Individuals, two or three people banding together in a small firm, and at the other end of it, huge mutual funds pouring money into it. 40 years ago, it was possible to form a real relationship, a close relationship, with the people that you were getting into business with. That doesn't exist today. There are just too many intermediaries in between. I think a moderately intelligent 14, 16-year-old who had his or her wits about him would've been able to succeed in the venture business in the mid-'80s."

2026.09.16 21:18

Michael Moritz on why he doesn't think he'd succeed in venture today. "The venture business that I got into way back when is very different from the venture business today. I think it's become much more difficult. We had a variety of benefits back in the '80s and '90s that don't exist today. One of them being imperfect information. Pre-internet, unless you were very close to things, you didn't know what was happening. Today, everybody's got access to more or less the same information. Number two, there are just so many more entities of all stripes. Individuals, two or three people banding together in a small firm, and at the other end of it, huge mutual funds pouring money into it. 40 years ago, it was possible to form a real relationship, a close relationship, with the people that you were getting into business with. That doesn't exist today. There are just too many intermediaries in between. I think a moderately intelligent 14, 16-year-old who had his or her wits about him would've been able to succeed in the venture business in the mid-'80s."

Patrick OShaughnessy@patrick_oshag

2026.09.16 13:22

My conversation with Michael Moritz, one of the great venture investors of the last 40 years. Michael joined Sequoia in 1986 and co-led the firm with Doug Leone (@dougleone) from 1995 to 2012. His investments include Google, Yahoo, PayPal, and Stripe. His new book, Ausländer, traces his parents' escape from Nazi Germany and helps explain his lifelong interest in what shapes exceptional people. We discuss: - The infamous Steve Jobs profile - Why Don Valentine hired him - The question he finds most revealing when interviewing people - Monomania and the cost of greatness - Why he has never felt good at anything - Writing, journalism and AI - What he learned about himself writing Ausländer I'd recommend watching this one if you can. Michael was incredibly thoughtful and reflective throughout, particularly when talking about his parents, childhood, and the more difficult parts of his personal story. Enjoy! TIMESTAMPS 0:00 Intro 0:53 Family History & Identity 7:03 Survival & Outsider Instinct 18:53 Studying Exceptional People 33:50 Self-Doubt & Success 41:17 Steve Jobs & Obsession 52:50 Joining Sequoia 1:03:22 Leadership & Alex Ferguson 1:08:25 Elon Musk & AI 1:17:12 Becoming Who You Are