Jeff Wang is the Managing Partner of Sequoia Capital Global Equities (SCGE), a public/private crossover investment firm with investments spanning from late-stage private companies to public companies. As Managing Partner, Jeff has primarily focused on public growth technology companies but has also invested $3 billion in private companies including Bytedance, SpaceX, and Stripe. Prior SCGE private investments that have since gone public include Airbnb, Doordash, MongoDB, Nubank, and Snowflake. Before joining SCGE in 2010, Jeff also worked at TPG Capital and Silver Lake Partners where he focused on investments in technology buyouts.
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Timestamps:
(00:00) Intro
(01:12) The Offer Moment in SCGE
(02:59) Transitioning from Shorts to Longs
(06:51) When to Call a Decision Wrong vs. Waiting for More Data
(11:09) Global Equities in 2016
(18:39) The Move into the Private Markets
(21:37) Will Private Markets Overtake Public Markets?
(27:38) Navigating Incongruous Long & Short Positions
(36:34) Managing Long-Term Business Planning with Monthly Redemptions
(46:58) AI Integration: Boosting Revenue or Enhancing Customer Experience?
(52:50) Why NVIDIA’s Price Today is Reasonable
(55:19) Exploring Infrastructure & Data Center Deployment
(57:59) Concerns About Deglobalization & Its Impact on Investment Strategy
(59:41) India's Promise: A Long-Awaited Opportunity
(01:01:02) Lessons from Working with Doug Leone, Mike Moritz, and Roelof Botha
(01:06:47) Quick-Fire Round
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10 Questions with the Leader of Sequoia’s $9BN Global Equities Fund:
1. Crossover Fund Opportunity: Why are crossover funds more attractive today than ever? Have the tourists gone?
2. Public Market Opportunity: Why is the opportunity in the public markets, not the private markets today?
3. IPO Markets: When will IPO markets open? What will cause them to open?
4. Breaking Hedge Fund Rules: What are the biggest ways that Sequoia breaks the traditional rules of hedge funds?
5. Google: Why does Jeff believe that Google’s cash cow of search is under threat?
6. Meta: Why does Jeff believe Meta will be the biggest competitor to Google?
7. NVIDIA: Why is NVIDIA’s price today reasonable? What is the bull and bear case?
8. China: Is there a recovery for China? How do Sequoia play China in this market?
9. AI in Public Markets: How are Sequoia playing the AI game in the public markets?
10. Investing Lessons: What have been Jeff’s biggest investing lessons from Mike Moritz, Doug Leone, and Roelof Botha?
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