Sequoia Capital’s former senior steward Doug Leone occasionally tells his partnership about certain “laws of physics” of venture capital, including the reality that smaller teams investing less money usually have higher cash-on-cash returns than venture funds that embrace sprawling, big-dollar strategies. But Leone told the firm there is one law that supersedes them all: “the only constant is change.” So Sequoia has happily amassed billions in capital to invest, shifting approaches over the decades. Sometimes it’s truly global. Sometimes it invests in public equities. It flipped crypto tokens before it was cool. Now Sequoia, under the leadership of Roelof Botha, invests out of a unified permanent capital vehicle. If there’s any California firm that’s embraced Leone’s perspective that small teams investing smaller amounts of capital have an easier time returning higher multiples back to investors, it’s the firm’s much smaller rival Benchmark. Even as times have changed with the rise of Andreessen Horowitz, o…