sequoia has made more money on y combinator than y combinator has. paul: yeah. strictly speaking, i believe more of that $30 billion worth of equity belongs to sequoia than us.mily: and your policy is you don't make follow-on investments, right? paul: yeah. emily: would you ever consider changing that policy? in order to make money off the hits that you picked? jessica: we never say never. but the problem with that, emily, is that there is a signaling thing. emily: right. jessica: and so, if we were to do follow-on investments, we are telling other investors who we believe are going to be the best, and that would hurt the founders, who are probably great investment opportunities, but we just didn't choose to do a follow on in. emily: does it bother you that sequoia has made more money than you have? paul: no. jessica: no. paul: who cares? jessica: i'm happy for them. i really like sequoia. emily: y combinator has gotten so much praise but also a lot of criticism. why do you think it is so controversial? paul: one of the most surprising things, i realized, as why y combinator became more successful, is that the more famous something becomes, the more people w