Sequoia Capital have written an 'internal' memo to all founder CEO's within their portfolio entitled 'Coronavirus is the Black Swan of 2020'. In it they warn of the potential economic impact presented by Covid-19, and how to react accordingly.

You would have to have a short memory - or just be annoyingly young - not to remember the blisteringly brilliant 'RIP Good Times' memo sent by Sequoia to their portfolio companies as the financial crash of 2008 began to bite:

Just as with 'RIP Good Times', 'Black Swan 2020' will go viral and be read by every founder CEO in every VC's portfolio - many of which will be left thinking 'I wish I was a Sequoia Capital portfolio company'... regardless as to the bleak outlook/forecast. Another masterstoke from Sequoia.

On this occassion, however, I hope they - for once - have got it wrong. Whilst the banks aren't loaded with toxic sub-prime mortgage loans, there is talk that the shale gas industry is highly leveraged. One can't help but imagine if Putin is sat somewhere with a smirk on his face...