About the SEQUOIA PARTNERSHIP

We believe exceptional investment results come from owning a few outstanding businesses—and holding them for a very long time.

The Sequoia tree takes 50 to 100 years to reach maturity and can live for over 3,000 years, enduring storms, droughts, and even fire. We take a similar approach with capital—focusing not just on finding rare, enduring businesses, but on having the patience and discipline to hold them through market cycles.

At the Sequoia Partnership, we aim to build a concentrated portfolio of high-conviction holdings that we believe can compound capital over decades. If capital needs arise, we generally look elsewhere before touching these core positions.

We invest our own capital alongside our partners and are only compensated when we deliver returns above a 6% annual hurdle.

Our goal is simple: own great businesses, never interrupt compounding unnecessarily, and let time do the work.

The Sequoia Standard: Our Core Beliefs

1. Invest in Simple Businesses

2. Businesses with a Competitive Advantage

• Robust balance sheet- cash position greater than total debt and high ROC*

• Consistent earnings power- predictable and growing FCF**

3. Management that Treats Shareholders as Partners

• Long-term focus

• Holds treasury stock

*Return on Capital (ROC) measures the rate of return a company earns on the total capital invested in its business.

**Free Cash Flow (FCF) is the cash a company generates after covering the costs to preserve or increase its total assets.