Thanks to masterful procrastination, Yahoo generated more gains for Sequoia than all its prior investments, combined, and more than ten times as much as Sequoia had earned from Cisco. The secret, Moritz said laconically, “was just learning to be a little patient.”[39] But the true secret went deeper. Thanks to the Yahoo experience and Son’s example, Moritz came to see that a venture partnership must adapt constantly. He learned that huge, growth-capital checks conferred kingmaker powers and that it paid to think bigger than just the Valley. Later, Sequoia would apply these lessons with
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