Sequoia Capital has unearthed its original investment memo from 50 years ago, revealing that a $6 million valuation was too high! This investment assessment form for Apple, dated November 3, 1977, was written shortly after the release of the Apple II, with Steve Jobs listed as "VP & Founder." Several astonishing details: * **Valuation deemed too high:** The memo described the $600,000 investment in a 10% stake as a "Very Rich Deal." * **Management questioned:** The assessment report questioned the management's capabilities at the time of valuation. * **Growth myth:** The document records Apple's 1977 sales of only $750,000 and profits of $60,000; however, they predicted $14 million in sales and $700,000 in profits the following year. Sequoia Capital estimated the market potential at $500 million. Today, Apple's market capitalization is $3.75 trillion, a 620,000-fold increase from that valuation. Great companies are often initially accompanied by prejudices that they are "too expensive" and "not well-regarded".