Sequoia Capital Market Presentation Deck

MARKET CYCLES ARE LONG Dow Jones Industrials (solid line) 15,000- 10,000- 5,000- 0 Bear Market 1966-1982 1970 1980 Source: Bureau of Labor Statistics, Dow Jones Bull Market 1983-2000 1990 2000 Inflation (dotted line) - 15% - 10 LO 5 2008

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