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 monthsRecordings per month over the last 12 months — 11 in all, peaking in Jun 2026 with 6.
Appearances
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.
So if we wanted to sell shares in one of our companies, right, to buyers out there, they were willing to give us 80 cents on the dollar in order for us to get liquid so that we could send DPI back to our LPs.
Today it's at 106, so a premium in the market as a Q125.
I get worried.
I get worried at this point in the market, particularly on CNBC where you're talking to retail investors at home.
I was one of those retail guys looking up to everybody on this stage, trusting everybody on this stage.
And when people are telling you to YOLO into double fee structure, SPVs and all this, it's time to be careful, to do your work, to be thoughtful.
We're in this because we want this to be durable democratization for a long time.
We want to build trust.
Showing 1581–1600 of 2,717 · page 80 of 136
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