Justin Fishner-Wolfson

speaker

289 appearances 1 recordings 1 series first heard Jun 2026 last heard 14 Jun

Justin Fishner-Wolfson’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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Sourcery · SpaceX IPO: Inside the Firm That Owns 1% · 14 Jun 2026 podcast

So it's been a great run.

I think the insight that we had, if you kind of roll back the clock to 2011, that was right before Facebook had gone public.

And our belief was companies were going to stay private longer.

Facebook stayed private for a relatively long time, but the major reason why Facebook ended up going public was this 500 shareholder count rule that basically required companies

once they hit a certain shareholder count, to publicly report.

So it was sort of all the negatives of being a public company with none of the positives.

And ultimately, that's why Facebook went public.

They changed the rules with the JOBS Act.

And so that pressure to become a public company sort of went away.

And I think our view was very simply that companies were going to end up staying private longer.

And what that meant was there'd be a lot more opportunities to invest in those businesses.

And especially if they were great companies, then...

that was just a lot more time they could compound.

Going back to the SpaceX point, like SpaceX always sort of allowed liquidity for their employees and they were running tenders, you know, once a year, probably back then.

And then that kind of sped up to twice a year.

And so like these were always company organized programs.

It wasn't like you're trying to find some random person who happens to, you know, be affiliated with the companies.

Like you're just dealing with the founders and executives of these businesses who are trying to, you know, facilitate liquidity for people to buy their first house or pay off their student loans or whatever it happens to be.

Honestly, I don't think I've ever seen anyone take money for fun money.

The best story is actually from Will Brewey because he's the founder at Varda, but he was also at SpaceX.

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