Matt Grimm

Yep, yep. And there's a fair amount of kind of noise in the secondaries about an SPV of an SPV of an SPV.

Yep, yep. And there's a fair amount of kind of noise in the secondaries about an SPV of an SPV of an SPV.

Yep, yep. And there's a fair amount of kind of noise in the secondaries about an SPV of an SPV of an SPV.

SpaceX had a similar thing. They still do have a similar thing, right?

SpaceX had a similar thing. They still do have a similar thing, right?

SpaceX had a similar thing. They still do have a similar thing, right?

Is it something you want to lock down? two sides of it. They're kind of conflicting. On the one side, I'm like, yeah, secondaries are a good thing. You want these folks to be able to have that freedom. And it's worth noting that every time we've done one of these structured tenders, we've had a relatively low participation rate in them.

Is it something you want to lock down? two sides of it. They're kind of conflicting. On the one side, I'm like, yeah, secondaries are a good thing. You want these folks to be able to have that freedom. And it's worth noting that every time we've done one of these structured tenders, we've had a relatively low participation rate in them.

Is it something you want to lock down? two sides of it. They're kind of conflicting. On the one side, I'm like, yeah, secondaries are a good thing. You want these folks to be able to have that freedom. And it's worth noting that every time we've done one of these structured tenders, we've had a relatively low participation rate in them.

Somewhere in the 30% range of the percent of shares that could have been sold, that were eligible to be sold, that folks actually did sell. So a fairly low blended average of folks who are selling their shares off, which I take as a great sign that employees are very excited and very long. The inverse of that is the chaos of the secondary market.

Somewhere in the 30% range of the percent of shares that could have been sold, that were eligible to be sold, that folks actually did sell. So a fairly low blended average of folks who are selling their shares off, which I take as a great sign that employees are very excited and very long. The inverse of that is the chaos of the secondary market.

Somewhere in the 30% range of the percent of shares that could have been sold, that were eligible to be sold, that folks actually did sell. So a fairly low blended average of folks who are selling their shares off, which I take as a great sign that employees are very excited and very long. The inverse of that is the chaos of the secondary market.

And I think my reputation for hating the chaos of the secondary market is pretty bad. pretty well deserved. I think there's a lot of what I would describe as pretty scummy behavior that happens in the secondary markets where... What is this scummy behavior? So these SPV brokers, they are operating with very low information.

And I think my reputation for hating the chaos of the secondary market is pretty bad. pretty well deserved. I think there's a lot of what I would describe as pretty scummy behavior that happens in the secondary markets where... What is this scummy behavior? So these SPV brokers, they are operating with very low information.

And I think my reputation for hating the chaos of the secondary market is pretty bad. pretty well deserved. I think there's a lot of what I would describe as pretty scummy behavior that happens in the secondary markets where... What is this scummy behavior? So these SPV brokers, they are operating with very low information.

Like Andoril has never once ever approached an SPV broker and said, hey, here are detailed financials. Here's our detailed strategy. Let me avail our management team for different interviews or different kind of kind of sessions. They are operating off of a very limited set, basically headlines, which are almost always wrong.

Like Andoril has never once ever approached an SPV broker and said, hey, here are detailed financials. Here's our detailed strategy. Let me avail our management team for different interviews or different kind of kind of sessions. They are operating off of a very limited set, basically headlines, which are almost always wrong.

Like Andoril has never once ever approached an SPV broker and said, hey, here are detailed financials. Here's our detailed strategy. Let me avail our management team for different interviews or different kind of kind of sessions. They are operating off of a very limited set, basically headlines, which are almost always wrong.

And then turning around to investors who are either desperate or just kind of carefree and saying like, I got an opportunity to invest in Anduril or SpaceX or OpenAI or whatever other kind of hot company that they've been able to wiggle some access into. Here are a couple of headline numbers. A lot of those investors don't understand the fee structures that they're getting into.

And then turning around to investors who are either desperate or just kind of carefree and saying like, I got an opportunity to invest in Anduril or SpaceX or OpenAI or whatever other kind of hot company that they've been able to wiggle some access into. Here are a couple of headline numbers. A lot of those investors don't understand the fee structures that they're getting into.