1. The Trump administration is taking permanent equity stakes in American companies as part of its industrial policy, raising concerns about government involvement in business.
2. Roelof Botha, a partner at Sequoia Capital, warned about the current market being "incredibly accelerated" and cautioned against valuation inflation, using examples from their portfolio.
3. Despite the industry having triple the number of venture firms compared to when Botha joined Sequoia, he argued that treating venture capital as an asset class is a mistake, suggesting that staying small, focused, and investing in fewer but more promising companies is key to success.