Hi, Tech Editor Alexei Oreskovic here, pitching in for Allie today.

On Monday, Sequoia announced two new funds —a $200 million seed fund and a $750 million venture fund—and Managing Partner Roelof Botha spoke at the TechCrunch Disrupt conference in San Francisco.

Botha, a past speaker at Fortune’s Brainstorm Tech conference, had some interesting thoughts to share on the VC industry, on Trump’s industrial policy, and on one particular recent controversy within Sequoia. Here’s a few comments that stood out.

On the current funding environment and the near-term outlook:

“I would argue, if you as a founder don’t need to raise money for at least 12 months, you’re probably better off building, because your company will be worth so much more 12 months from now relative to what the market

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