scripod.com
Uncapped #36 | Pat Grady & Alfred Lin from Sequoia

Overview

Shownote

Highlights

Transcript

Chapters

Pins

Uncapped #36 | Pat Grady & Alfred Lin from Sequoia

Uncapped with Jack Altman

2025/12/09
Uncapped with Jack Altman

Uncapped with Jack Altman

2025/12/09
OverviewShownoteHighlightsTranscriptChaptersPins

Shownote

Pat Grady and Alfred Lin are partners at Sequoia and were recently named as the storied firm’s new co-stewards. Alfred joined the firm in 2010, where he has led major investments into category-defining companies like Airbnb, DoorDash, and Kalshi. Pat has b...

Highlights

In this insightful conversation, Pat Grady and Alfred Lin, the newly appointed co-stewards of Sequoia, reflect on the firm’s unique operating principles and the mindset required to lead one of venture capital’s most influential institutions. They emphasize a culture rooted in founder empowerment, intellectual honesty, and long-term thinking, where autonomy and accountability coexist within a structured yet flexible framework.
00:00
Internal data shows consensus doesn't matter—conviction does.
03:37
Influence should be given to experts rather than those with just tenure or formal hierarchy.
04:30
The job of a venture capital CEO is to set outlier team members free, not manage them.
09:25
Venture capital focuses on input metrics due to long-term outputs
17:22
The first indicator of good investment judgment is how new investors spend their time.
17:59
Decision quality matters more than coverage volume in early-stage investing.
22:36
The talent-mapping system can quickly assess an engineering team's percentile in a growth-stage company.
24:40
HubSpot transformed from a mediocre-product company by acquiring Performable's engineering team.
32:14
The best investments are made with strong conviction, not widespread agreement.
41:11
Wrong investment decisions often stem from psychological biases, not lack of analysis.
45:53
Mega legendary companies usually have multiple stages of development over decades.
46:45
The most important variables in startup investing are the market and the founder.
56:15
Passing on an investment with detailed feedback can strengthen long-term founder relationships
1:01:22
The two VC objectives: maximize share price and help founders build world-changing companies.
1:05:37
Success in software doesn't guarantee success in hardware—check your paradigms when transitioning.
1:08:48
Stability at the partnership level enables volatility at the partner level.

Chapters

Intro
00:00
Initial mindset as stewards
01:01
The business of outliers
04:30
Managing the inputs in venture
06:27
Sourcing coverage goals
12:11
Seeing the right companies
17:57
Proprietary map of talent
22:36
The impact of great engineers
24:39
Picking winners with conviction
29:06
Coaching asymmetry into picking
36:26
Disagreeing with younger investors
43:16
Frameworks on picking
46:45
What it takes to win
53:20
How to onboard with a founder
58:32
Proudest board seats
1:02:59
2026 in the new roles
1:06:12

Transcript

Pat Grady: we've been recording the number that everybody votes on every investment for more than a decade now. Our internal data shows that consensus versus non-consensus does not matter at all, it's just not a factor. Presence of conviction is what matte...