joining us now to share where he sees opportunity is pat grady. ed investments in snowflake, zoom, to name a view pat, great to have you on the show welcome. >> thanks for having me. >> so you guys at sequoia are sort of known for some of the doomsday warnings and presentations that you've shared with your portfolio companies. i'm thinking back to 2008 and 2020 when you said the black swan of coronavirus. a few weeks ago you called it a crucible moment. what does that mean? what do you think we're in store for here >> the market is pretty tough right now. but the good news is tough times build strong companies and we go all the way back to 1987 when black monday happened, it was only eight weeks later we got into business with cisco systems which laid the train tracks for the entire sbrngt after lehman brothers fell over and the depth of the financial crisis, we got involved with airbnb fast forward to april of 2020, 80% of airbnb's bookings got canceled, nobody was traveling, they knew what to do they quickly observed what was happening, came up w