Update: Burnham made some wrong assumptions here, as relates to Doerr and Moritz; please see this correction.

gravy.jpgAnalysis here by Bill Burnham on how VC firms Kleiner and Sequoia each turned $12.5 million into between $4.3 billion and $4.7 billion, the tricks of distribution timing, and the dirt on how much Kleiner’s John Doerr and Sequoia’s Mike Moritz individually earned from it.