Gavin Baker

speaker

2,717 appearances 14 recordings 4 series first heard Dec 2024 last heard 26 Jun

Gavin Baker’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 11 in all, peaking in Jun 2026 with 6.

newest first · ▶ plays the moment

The room's full of people who are allocators.

People are looking for distributions.

So this is secondary markets over the course of the last decade.

This is the amount of money going into VC each year, the amount of money coming out of VC each year.

The red line represents the net effect of that.

So, Chamath, we're in like five years, right, where a lot more is going in than is coming out.

But the secondary market is at record volume.

So this is, you know, I call these companies quasi-public companies.

These are these later stage companies.

There's buying and selling that's going on every day.

Look at that, Jason, relative to the 21 peak.

We thought that was crazy.

At the end of 21, we're double that now in terms of secondary transactions.

This is the amount of employee secondaries.

So this is people buying into Anduril, Anthropic, SpaceX.

Now represents 31% of all primary venture activity is buying into these secondaries in 2025.

Secondaries are now competing with IPOs and acquisitions as the principal way that these guys are exiting.

So I thought that was a decent setup to start the conversation this morning, just to level set how important secondaries have become.

And then the final one is,

Secondaries over the last couple of years were trading at a discount to market.

Showing 1441–1460 of 2,717 · page 73 of 136