Sequoia's Roelof Botha warns founders about chasing sky-high valuations as the firm doubles down on its selective approach

The Trump administration has begun taking direct equity stakes in American companies, not as temporary crisis measures, as in 2008, but as permanent fixtures of industrial policy.

The moves raise interesting questions, including what happens when the White House appears on your cap table.

At TechCrunch Disrupt in San Francisco last week, Sequoia Capital’s global steward Roelof Botha fielded exactly that query, and his response drew knowing laughter from the packed house: “One of the most dangerous words in the world are: ‘I’m from the government, and I’m here to help.’”

Botha, who describes himself as “sort of libertarian, free market thinker by nature,” conceded that industrial policy has its place when national interests demand it. “The only reason the U.S. is resorting to this is bec