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.

Appearances

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All-In with Chamath, Jason, Sacks & Friedberg · Inside the Private Stock Market Boom: SpaceX, Anthropic, OpenAI & the Rise of Secondaries · 7 Jun 2026 podcast

Are we closer to correctly pricing them?

I mean, Gavin and I have been doing this 25 years.

There are moments that the public market is undervalued relative to privates and moments where privates are undervalued relative to public.

Right now, everything in the world of technology is pretty fully valued.

You can't have the parabolic moves we've had and think that everything is cheap.

That's not to say that we're not going to go higher, but when you've been punched in the face as many times as all of us have over the last 15 years in technology, we know it's a jagged line up and to the right.

So for the retail investors, so long as they have staying power, so if you're going to launch a product, as long as the retail investor can stay in that product through the drawdown,

They're going to do fine.

The problem is most of them YOLO at the top because everybody gets them all jimmied up and excited.

And so they're, you know, they're levering up.

They're doing 2X levered, you know, memory trades and all this shit that Gavin and I are watching.

There are 14 ETFs launching on the day of the SpaceX IPO that are levered ETFs.

into SpaceX at like whatever, 1.75 trillion.

So this just tells me that there's a lot of signal.

We may not be at the top, but we ain't at the bottom.

We're bouncing along the top might be a fair description, Gavin.

You know, you got to allocate accordingly.

And that's what active management is about.

If we do not, if we're not thinking about that when...

When people are puking into their garbage cans at the start of the Iran war and the market is down, Gavin and I are looking at each other and saying, good God, these anthropic revenues are off the charts.

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