Subtle jab at Sequoia -- on the one hand, yes, macro trends went against Zappos heavily. On the other hand, the board didn't have faith in Tony's groundbreaking

Subtle jab at Sequoia -- on the one hand, yes, macro trends went against Zappos heavily. On the other hand, the board didn't have faith in Tony's groundbreaking worldview. You can tell through the heavily filtered language that Tony went through hell and back on this one.