Doug Leone - Lessons from a Titan

**Patrick O'Shaughnessy** (0:00)
Welcome to this classic episode. Classics are my favorite episodes from the past 10 years published once a month. These are end of one conversations with end of one people. There's nobody I've met quite like Doug Leone. Incredible drive, energy and aggressiveness. Also, one of the great voices to listen to. A fearsome competitor and builder. I listen to this at least once a year. I hope you enjoy it. Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, stories and strategies that will help you better invest both your time and your money. If you enjoy these conversations and want to go deeper, check out Colossus Review, our quarterly publication with in-depth profiles of the people shaping business and investing. You can find Colossus Review along with all of our podcasts at joincolossus.com.

**SPEAKER_2** (0:49)
Patrick O'Shaughnessy is the CEO of PositiveSum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of PositiveSum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of PositiveSum may maintain positions in the securities discussed in this podcast. To learn more, visit PSUMVC.

**Patrick O'Shaughnessy** (1:16)
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My guest this week is Doug Leone. Doug led one of the world's most successful venture firms, Sequoia, for over 25 years after he was given responsibility for the firm by its founder, Don Valentine, in 1996 Alongside Mike Moritz, the pair managed its expansion from a single $150 million early stage fund to an $85 billion global powerhouse. It was a privilege to sit down with Doug and learn from him. We talk about his tough start at Sequoia, get into the technicalities of great go-to-market motions, and survey his advice for other investors in the industry. A key theme that will stick with me from this conversation is Doug's insistence on keeping things simple and clear. Please enjoy my great conversation with Doug Leone. Doug, I've heard you interviewed elsewhere and I wanted to start our conversation somewhere a little bit more unique. I'd love you to talk about the heart and mind of Don Valentine. I've learned a lot about him, obviously someone that was influential on you and a key figure in the history of this style of investing, of our style of investing. Maybe start with his heart. What was his heart like?

**Doug Leone** (4:19)
It's truth be known for the first 20 years, I did not know whether he had a heart. It was all pure business. It was all for the cause of generating returns for a client, most of which are endowments and foundations. So for the first, I would say 15, 20 years, he was visionary, but extremely tough and certainly dedicated to the cause. At his eulogy, I was very amused and interested to find out from his kids that they spoke of him as having his huge heart when he went home. And it was really interesting how he segregated his work life from his home life.