 Sequoia. Sequoia Capital is one of the most prominent, if not the most prominent, venture capital funds in the United States. It is one of, if not the most successful venture capital. They have done phenomenally well. They have funded pretty much every, been involved in the funding of pretty much every successful tech company that I can think of. Doesn't mean all of them, but I can think of one of the, you know, starting out with companies even before Apple, but including Apple and Cisco, many of the early Silicon Valley, but all the way to today. Sequoia did lose a lot of money on FTX. But one of the things that Sequoia did about 20 years ago, maybe more, is they opened up Sequoia China. Some of their partners in the U.S. were of Chinese origin. They moved to China. They headed it up. They hired local talent. And Sequoia China was the large extent responsible for much of the profitability and amazing returns that Sequoia generated over the last 20 or so years, so maybe more, but at least 20 years. So Sequoia China was a big part of the Sequoia Capital success. Again, Sequoia Capital, you know, pretty much every company that you can think of as a significant, you know, they've had significant positions in Amazon. What was that shoe company where you could, you bought the shoes, a bunch of shoes, you tried them all on, you kept the ones you liked, you sent back the ones you didn't like. Zappos, Zappos. They were investors in Zappos, which was bought by Amazon. Anyway, they were investors in Amazon. Pretty much every one of these companies, they were part of the initial investors in them. And I got to know one of the founders of Sequoia Capital, a really amazing, amazing human being. Anyway, over the years, Sequoia has officers in Israel, it has officers in Europe, in the UK, it has officers in India, there's a real presence in India. And of course, it has a presence in China. Today, Sequoia announced they were splitting up. And I found this really interesting. They were creating two, they were basically spinning out the China operations and creating a new venture capital fund with a new name, same venture capital fund with a new name in China that would be completely legally in terms of partnership, separate. So it would be owned by the partners in China, completely separate than the American venture capital fund. And then they were creating a third entity that would take India and southern Asia. There would be response budgets for Asia other than China. And then the US would keep the traditional Sequoia, would stay in Silicon Valley and continue to be called Sequoia Capital. I found this interesting on a number of different fronts. I think this represents one further example of the West kind of leaving China, Western businesses cutting ties with China. Some of this is by China's inspiration. I was also reading some articles about the fact that the Chinese security forces have been raiding Western companies and Western consulting companies, accounting companies and basically doing what they can to discourage them from operating in China, the exact opposite of what it was even 10 years ago, when they were encouraging Western companies to come to China. I think this is very bad. I think this is the more this happens, the more we move towards a condition of a cold war and ultimately potential of a hot war. It's not something we should celebrate. But I found, you know, Sequoia was six, seven years ago, the last time I talked to this founder who passed away. Sequoia Capital was absolutely unequivocally committed to China. China was a big source of its returns. The idea that Sequoia would leave China, huge, huge, in terms of this delinking and the fact that it is happening, it is happening. And the fear, I think, that American investors have in putting their investments in China and, you know, it's going to take a year for Sequoia to unwind because they have to separate the investors who's in China, who's here, the partners are going to have to kind of separate legally. It's probably, I can't imagine the legal bills, millions and millions of dollars to figure this all out and to settle this. Also, the India play is interesting, but it does make sense. You know, my guess is that partners from the U.S. who flew to China, also went to India, also went to other places in Asia, they do a trip. Once you're giving up on China, you might as well just spin off the rest of Asia as well. Sequoia will keep. The U.S. Sequoia will keep its satellites, if you will, in Europe and in Israel. The primary thing here is the spinning off China. I think that's big news and I think that it's, again, an indication of more of this delinking between American business and China generally. Thank you for listening or watching The Iran Book Show. If you'd like to support the show, we make it as easy as possible for you to trade with me. You get value from listening. You get value from watching. Show your appreciation. You can do that by going to iranbookshow.com slash support by going to Patreon, subscribe star locals and just making an appropriate contribution on any one of those, any one of those channels. Also, if you'd like to see The Iran Book Show grow, please consider sharing our content and of course, subscribe, press that little bell button right down there on YouTube so that you get an announcement when we go live. And for those of you who are already subscribers and those of you who are already supporters of the show, thank you. I very much appreciate it.