At TechCrunch Disrupt 2025, Sequoia managing partner Roelof Botha argued that the venture industry isn’t an asset class, and that throwing more money into Silicon Valley doesn’t lead to better companies.
“Investing in venture is a return-free risk,” Botha said during an interview on TechCrunch’s Disrupt’s main stage on Monday. “Anybody who’s studied the capital asset pricing model understands the joke of that. The reason I came up with this is, if you look at the history of venture capital, it’s an asset that’s uncorrelated with other asset classes.”
“And so the thinking for many allocators was you should allocate a certain percentage of your portfolio to this and more money should flow to venture capital, but the truth is that there are only so many companies that matter,” Botha continued.
“In my opinion, throwing more money into Silicon Valley doesn’t yield more great companies. It actually dilutes that, it actually makes it harder for us to get that small number of special companies to flourish,” added Botha.
Botha noted that there are currently 3,000 venture firms in the United States, while there were just 1,000 when he joined Sequoia 20 years ago.
“When I joined Sequoia 2003 there were no mobile devices,” said Botha “Cloud computing didn’t exist. There were maybe 300 million people on the planet that had access to the internet. So the scale of the opportunity today is completely different. If you look technically at the numbers, I think for the last 20 years, there’s roughly been $380 billion+ outcomes in the industry,” Botha said.
“That’s a significant number, but I don’t think it will continue to scale just with more money going into the industry.”
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![‘Ninja Scroll’ Is Slashing Back to Theaters in October
The 1993 samurai anime film Ninja Scroll is coming back with a limited theatrical run this fall. Per IGN, Iconic Events and AMC are teaming for a re-release on October 4, 5, and 7. (At time of writing, it’s exclusively locked to North America.) The remastered version will play its original 35mm negatives in 4K using a process that “repairs any damage and [performs] color correction to create an archival-quality digital master of the film.” Directed and written by Yoshiaki Kawajiri and created by Animate Film, Ninja Scroll tells the story of mercenary swordsman Kibagamei Jubei. Set in feudal Japan, Jubei is tasked with killing the Eight Devils of Kimon, supernatural ninjas aiming to take over the Tokugawa shogunate. Praised for its animation and action, the film was highly regarded when it came out and is considered a great contributor (alongside Akira and Ghost in the Shell) to adult anime’s popularity in the West. (That’s at least true for the Wachowskis, who cited the film as a big influence on The Matrix, and later brought on Kawajiri to direct and write two segments of The Animatrix.) [embed]https://www.youtube.com/watch?v=jrfUIekIpEA[/embed] In the years since Ninja Scroll’s release, it’s become a bit of a franchise unto itself: it had a standalone sequel series in 2003 and a 12-issue miniseries in 2006 by J. Torres and Michael Chang Ting Yu.
Animation studio Madhouse announced a sequel in 2008 helmed by Kawajiri that stalled out, and that same year saw Warner Bros. announce a live-action movie that also didn’t go anywhere. (Oh, noooooo, that’s sooooooo sad.) Tickets for the Ninja Scroll re-release will go on sale in the coming weeks. Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who. #Ninja #Scroll #Slashing #Theaters #OctoberNinja Scroll,Yoshiaki Kawajiri](https://i0.wp.com/gizmodo.com/app/uploads/2026/06/ninja-scroll-hed-1280x853.jpg?ssl=1 "‘Ninja Scroll’ Is Slashing Back to Theaters in October
The 1993 samurai anime film Ninja Scroll is coming back with a limited theatrical run this fall. Per IGN, Iconic Events and AMC are teaming for a re-release on October 4, 5, and 7. (At time of writing, it’s exclusively locked to North America.) The remastered version will play its original 35mm negatives in 4K using a process that “repairs any damage and [performs] color correction to create an archival-quality digital master of the film.” Directed and written by Yoshiaki Kawajiri and created by Animate Film, Ninja Scroll tells the story of mercenary swordsman Kibagamei Jubei. Set in feudal Japan, Jubei is tasked with killing the Eight Devils of Kimon, supernatural ninjas aiming to take over the Tokugawa shogunate. Praised for its animation and action, the film was highly regarded when it came out and is considered a great contributor (alongside Akira and Ghost in the Shell) to adult anime’s popularity in the West. (That’s at least true for the Wachowskis, who cited the film as a big influence on The Matrix, and later brought on Kawajiri to direct and write two segments of The Animatrix.) [embed]https://www.youtube.com/watch?v=jrfUIekIpEA[/embed] In the years since Ninja Scroll’s release, it’s become a bit of a franchise unto itself: it had a standalone sequel series in 2003 and a 12-issue miniseries in 2006 by J. Torres and Michael Chang Ting Yu.
Animation studio Madhouse announced a sequel in 2008 helmed by Kawajiri that stalled out, and that same year saw Warner Bros. announce a live-action movie that also didn’t go anywhere. (Oh, noooooo, that’s sooooooo sad.) Tickets for the Ninja Scroll re-release will go on sale in the coming weeks. Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who. #Ninja #Scroll #Slashing #Theaters #OctoberNinja Scroll,Yoshiaki Kawajiri")
![‘Ninja Scroll’ Is Slashing Back to Theaters in October
The 1993 samurai anime film Ninja Scroll is coming back with a limited theatrical run this fall. Per IGN, Iconic Events and AMC are teaming for a re-release on October 4, 5, and 7. (At time of writing, it’s exclusively locked to North America.) The remastered version will play its original 35mm negatives in 4K using a process that “repairs any damage and [performs] color correction to create an archival-quality digital master of the film.” Directed and written by Yoshiaki Kawajiri and created by Animate Film, Ninja Scroll tells the story of mercenary swordsman Kibagamei Jubei. Set in feudal Japan, Jubei is tasked with killing the Eight Devils of Kimon, supernatural ninjas aiming to take over the Tokugawa shogunate. Praised for its animation and action, the film was highly regarded when it came out and is considered a great contributor (alongside Akira and Ghost in the Shell) to adult anime’s popularity in the West. (That’s at least true for the Wachowskis, who cited the film as a big influence on The Matrix, and later brought on Kawajiri to direct and write two segments of The Animatrix.) [embed]https://www.youtube.com/watch?v=jrfUIekIpEA[/embed] In the years since Ninja Scroll’s release, it’s become a bit of a franchise unto itself: it had a standalone sequel series in 2003 and a 12-issue miniseries in 2006 by J. Torres and Michael Chang Ting Yu.
Animation studio Madhouse announced a sequel in 2008 helmed by Kawajiri that stalled out, and that same year saw Warner Bros. announce a live-action movie that also didn’t go anywhere. (Oh, noooooo, that’s sooooooo sad.) Tickets for the Ninja Scroll re-release will go on sale in the coming weeks. Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who. #Ninja #Scroll #Slashing #Theaters #OctoberNinja Scroll,Yoshiaki Kawajiri](https://gizmodo.com/app/uploads/2026/06/ninja-scroll-hed-1280x853.jpg "‘Ninja Scroll’ Is Slashing Back to Theaters in October
The 1993 samurai anime film Ninja Scroll is coming back with a limited theatrical run this fall. Per IGN, Iconic Events and AMC are teaming for a re-release on October 4, 5, and 7. (At time of writing, it’s exclusively locked to North America.) The remastered version will play its original 35mm negatives in 4K using a process that “repairs any damage and [performs] color correction to create an archival-quality digital master of the film.” Directed and written by Yoshiaki Kawajiri and created by Animate Film, Ninja Scroll tells the story of mercenary swordsman Kibagamei Jubei. Set in feudal Japan, Jubei is tasked with killing the Eight Devils of Kimon, supernatural ninjas aiming to take over the Tokugawa shogunate. Praised for its animation and action, the film was highly regarded when it came out and is considered a great contributor (alongside Akira and Ghost in the Shell) to adult anime’s popularity in the West. (That’s at least true for the Wachowskis, who cited the film as a big influence on The Matrix, and later brought on Kawajiri to direct and write two segments of The Animatrix.) [embed]https://www.youtube.com/watch?v=jrfUIekIpEA[/embed] In the years since Ninja Scroll’s release, it’s become a bit of a franchise unto itself: it had a standalone sequel series in 2003 and a 12-issue miniseries in 2006 by J. Torres and Michael Chang Ting Yu.
Animation studio Madhouse announced a sequel in 2008 helmed by Kawajiri that stalled out, and that same year saw Warner Bros. announce a live-action movie that also didn’t go anywhere. (Oh, noooooo, that’s sooooooo sad.) Tickets for the Ninja Scroll re-release will go on sale in the coming weeks. Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who. #Ninja #Scroll #Slashing #Theaters #OctoberNinja Scroll,Yoshiaki Kawajiri")
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