The Heritage fund would have to decide whether this was the time to buy Brazilian land, or Chinese tech, or stakes in hedge funds engaged in litigation in Argentina. Every potential investment would have to be evaluated relative to all others, so Johnson would have to recruit exceptionally versatile colleagues—“a team capable of comparing, in a very thoughtful and debate-oriented way, apples versus oranges.” In place of the old specialists, Sequoia would need investors with an appetite for learning everything. Or, as Johnson put it, “You bring in people who speak one of eight languages, and
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