Worth reading: Sequoia’s embarrassingly long-term bearish October 2008 presentation

With Sequoia leading a $41 million investment in a pre launch mobile application, we've decided to take a look back at its "RIP Good Times" report from October 2008.

Sequoia's memorable, ultra-bearish presentation sent shock waves through the investment community back in the dark days of October 2008. I must admit it makes hilarious reading in March 2011, especially after the same Sequoia now asking one to believe, as cool as a cucumber, that the somewhat, erm, unconvincing colors.com startup is really worth $41m in pre-launch funding. A must-read.