THE COST OF SELLING TOO EARLY
Doug Leone's admission is the kind of number venture capital usually keeps quiet: Sequoia owned 10% of Google, 20% of Nvidia, and early Apple, and sold all of them. The post frames it with Fred Wilson's long-running argument that fund structures force firms to sell their best assets too early. Treating software like a 10-year fund cycle instead of a multi-decade compounding machine left hundreds of billions on the table. The structure, not the picking, was the mistake.
The late post is a public experiment log: an agent handed an open-ended errand - find 5-15 bars near Union Square and Flatiron, dig up private-events contacts, organize a 20-40 person meetup with a cash bar and private room on a $250-300 minimum spend, pick an open Tuesday in mid-September, then stand up a Luma invite and find places to submit it (link). Results promised in the morning. The instruction set reads like a brief to a competent assistant, which is exactly the capability on trial.