Warning: this is a slightly soppy post! I first met Julien Bek 8 years ago. It was my first week at Atomico and his first week at Accel. We instantly became friends. We both have parents with chronic illnesses and I think that bonded us early on. I saw what a truly good human he is. That was very clear. Over the next 8 years, he has become one of the best investors in Europe. He is a Partner at Sequoia. He has led early rounds in bangers like Rillet and Tacto. Despite all the success, he is one of the kindest people I know. He is an incredible son, and it makes me so proud and happy to see him become a Dad. This was one of the most special shows I have done, uncovering the magic behind what makes Sequoia one of the best firms in the world. Huge thanks to @DeanMeyerrr, @gradypb, @Konstantine, @shaunmmaguire, @dougleone, @nataliemiyake, @Bryce_Keane, @LucianaLix, @_georgerobson for helping to make this such a special one. My notes below with @JulienBek. 1. What Everyone Thinks They Know About Sequoia but Actually Gets Wrong Outsiders assume Sequoia sits back and waits for the hottest deals to come to them. In reality, every partner operates as a relentless hunter. Each person is expected to perform individually while working as a team to win the most competitive deals. 2. How Sequoia Came to Be the First Ambassador in Citadel Sequoia won Citadel Securities’ first outside capital round because partner Constantine built a relationship with Ken Griffin that began when Constantine was a student. Years of persistence, mentorship, and trust ultimately beat transactional dealmaking. 3. The Biggest Takeaway From Every Sequoia Offsite Decades of legendary returns show that financial engineering and ownership tweaks do not drive top-tier performance. The common thread behind Sequoia’s greatest investments is much simpler: a sponsoring partner with extraordinary conviction. 4. Why Sequoia Is Experimenting With Different Types of Decision-Making Live IC meetings are great for fast debate, but Sequoia is incorporating asynchronous written memos to encourage slower, more deliberate thinking. Combining documented reflection with live discussion helps expose blind spots and improve investment decisions. 5. Why Sequoia Is Not Less Ownership-Centric Than Ever Targeting high ownership reflects the scarcity of a partner’s time. An investor can realistically serve on only around 20 boards over a career. Deep, hands-on company building becomes impossible when attention is diluted across hundreds of tiny 2% positions. 6. Lesson From Don Valentine on Founder Selection Don Valentine’s matrix of “founders you like” versus “founders who make money” shows that likability does not determine returns. Even arrogance can be the byproduct of an exceptional strength. Investors should focus on whether that defining spike creates a genuine competitive advantage. 7. The Biggest Lesson From Doug Leone To uncover the truth in reference checks, use Doug Leone’s technique: ask for a founder’s best reference, then immediately ask, “Who would be your worst reference, and why?” Watching how their composure shifts can reveal far more about self-awareness and operating style. (links in comments)