Sequoia Capital general partner Michael Moritz doesn't play favorites. At least, in public. He made it through an hour long panel at this morning's iMeme conference without naming a single company that currently resides in the firm's portfolio. When pressed, he simply refused to name one stating that it would be akin to singling out a favorite child.

Instead, Moritz waxed philosophical by comparing venture capital investing to bird spotting. "I rarely think about big themes. The business is like bird spotting. I don't try to pick out the flock. Each one is different and I try to find an interestingly complected bird in a flock rather than try to make an observation about an entire flock." For that reason, while other firms may avoid companies because they perceive a certain investment sector as being overplayed or already mature, Moritz said Sequoia is "careful not to redline neighborhoods".

Continuing with the ornithological analogy, Moritz pointed to Cisco and said, "There's a lot to be said for investing in the ugly duckling." When Don Valentine led Sequoia Capital's investment in Cisco, many others had passed on the husband and wife founding team of Len Bosack and Sandy Lerner. Moritz pointed to Dell as an example of a company that flourished after most investors had thought the PC market was saturated.

In today's frothy market, Moritz noted that "everybody has the strut back in their step." Despite high valuations and a crowded entrepreneurial market, he said Sequoia takes a look at all new business opportunities it receives. "In flourishing markets, we always want our mind open to a novel approach or a new way of doing things. We're open to everything. You have to be in our business."

For more on the iMeme conference, see:
Ryan Allis
Gary Bolles

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