27 Jan 2022 Sequoia Q4 2021 Investor Letter ( Portfolio )

We are amazed that our heavily concentrated portfolio has behaved remarkably like an index fund over a remarkably long period of time. We are certain that the stock market will not maintain its recent pace of progress. We are highly confident that over the long term, a deeply idiosyncratic and carefully curated collection of 22 companies will perform very differently from an index with 500 constituents. We are also highly confident that if and when the tight tether that has linked Sequoia to the S&P over the last five-plus years finally breaks, it will be to our benefit.