Good morning to all new and old readers! Here is your Saturday edition of Faster Than Normal, exploring the stories, ideas, and frameworks of the world’s most prolific people and companies—and how you can apply them to build businesses, wealth, and the most important asset of all: yourself. 

Today, we’re covering Doug Leone and his journey to venture capital titan.

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Doug Leone's story is one of immigrant grit. He arrived in America at age 11, speaking no English. His family settled in Mount Vernon, New York - a tough town. Doug was an outsider, struggling to fit in.

"I couldn't throw or hit a baseball," Leone recalls. "You had to develop thick skin and have your eyes wide open."

Those early challenges forged Leone's character. Fear, hunger, and empathy became his driving forces. He worked hard, excelled academically, and landed a job in technical sales after college.

Leone's big break came in 1988 when he cold-called Don Valentine at Sequoia Capital. Valentine gave him a shot, though Leone struggled initially.

"Don was very tough," Leone says. "After one presentation where I asked an aggressive question, he left a note written in green ink on the conference room table for me to see which said 'Doug – not fit to listen to founders.'"

Ouch.

But Leone persevered. He made partner in 1993 and became Managing Partner in 1996. Under his leadership, Sequoia expanded globally and backed industry-defining companies like Google, LinkedIn, and WhatsApp.

Leone's success stems from his immigrant experience and street smarts. He looks for founders who are "spiky" - standout in some way. And he's not afraid to be direct.

"I prefer you take a shot," Leone states. "I'd rather have someone who gets A, F, F, A than someone that gets B+, B+, B+, B+."

This approach has paid off. Sequoia's returns have been stellar. The firm turned a $12.5 million investment in Google into $3 billion. Their $60 million bet on WhatsApp netted $3 billion when Facebook acquired it.

Leone's impact extends beyond financial returns. He's helped shape Silicon Valley's startup ecosystem. His advice to entrepreneurs is grounded in hard-won wisdom:

"Raise as little money as you can to get to the next milestone. Find an investor in the same way you find an engineer."

Now a billionaire, Leone hasn't lost his edge. At 65, he says he's "still hungry as hell." He continues to champion ambitious founders and push Sequoia to evolve.

Leone's journey from immigrant kid to venture capital titan embodies the American dream. But he's quick to note that success isn't guaranteed:

"You have to be willing to put yourself out of business by trying new things, before someone else does."

Words to live by. From a man who's lived them.

Lesson 1: Cultivate controlled aggression. Leone's style is direct and sometimes confrontational. After one presentation, Don Valentine left him a note: "Doug – not fit to listen to founders." But Leone used this feedback to hone his approach. He says, "In order to get something done in life, you can't just walk down Main Street and be a sweetie pie." Push hard, but know when to pull back.

Lesson 2: Prioritize intention and competence. Leone defines trust as "the combination of intention and competence." He explains, "You have great intention but no competence, no one's going to trust you. Likewise, [if] you have great performance and lousy intentions, nobody is going to trust you either." 

Lesson 3: Focus on removing obstacles. Leone sees a CEO's job as clearing the path for their team. "It's a river. There are rocks in the river. Your job as a Chief Executive Officer is to remove as many rocks as possible so that water can flow." Spend your time identifying and eliminating barriers to your team's success.

Lesson 4: Architect your company, not just your product. Many founders obsess over product details but neglect organizational design. Leone advises, "They don't architect their company, they architect their product but not their company." Apply the same rigor to building your team and culture as you do to developing your product.

Lesson 5: Judge character over dinner. Leone reveals, "If you really want to understand someone, it probably takes two to three hours, including a dinner when people relax and start showing you things." Pay attention to how people treat waitstaff. Watch for small behaviors that reveal character.

On spotting talent: "If a founder is described as 'insufferable, maniacal, doesn't listen,' you should always dive deeper to understand the context."

On company culture: "Nothing builds a great culture like winning."

On simplicity: "If you want to move faster, simple is your friend."

On market size: "A tremendous chief executive in a small market will never be great. All great companies start with great markets."

On founder motivation: "We look for humble backgrounds and a need to win."

On trust: "Trust is earned through short-term sacrifice."

On investing strategy: "Invest in outliers."

On capital: "Not every investor dollar you take is worth the same."

On business language: "'Hope' is the worst word for business."

That’s all for today, folks. As always, please give me your feedback. Which section is your favourite? What do you want to see more or less of? Other suggestions? Please let me know.

Have a wonderful rest of week, all.

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