Key ideas from Pat Grady

• "Consensus versus non-consensus does not matter at all. Presence of conviction is what matters" - Pat, based on over a decade of internal voting data
• Sequoia's best fund (Venture 12) had a 50% write-off rate but included billion-dollar gains from Airbnb, Unity, and Dropbox
• "If three people are nines and three people are ones, we should probably make the investment" - Alfred on their 0-10 voting system
• Growth team maintains 70% coverage of deals done by 30-40 comparable investors, tracking this as a key sourcing metric
• "Our seventh or eighth person is still in the top 10" when stack-ranking all venture partners across the industry - Pat
• ServiceNow went public with most code still written by one person, founder Fred Luddy, demonstrating thousand-X engineering productivity
• Sequoia needs six investments to be 10x+ returns per fund, with three requiring $100M+ gains for fund success
• "The most important decision is actually not the final decision. The most important decision is the mid-funnel decision that determines what gets to a Monday" - Pat