Canonical · Macro & Investing · Deck
Adapting to Endure
Sequoia Capital · 2022
"The era of free capital is over; founders must pivot to profitability as rates rise and multiples compress."
In 2022, as tech stocks crashed and interest rates spiked, Sequoia released a sequel to RIP Good Times called 'Adapting to Endure'. The core message: the era of 'growth at all costs' fueled by zero interest rates was over, and free cash flow was king again.
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