Trae Stephens
speaker
555 appearances
2 recordings
1 series
first heard Mar 2025
last heard 31 Jul
Trae Stephens’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
I'm good.
Can't complain.
You mean the public market turmoil?
Well, I think there's certainly different places where that intersects.
One of the things that Brian Singerman, who's one of the former partners here at Founders Fund, he used to tell us, venture capital is a micro game, not a macro game.
What matters is, have you invested in the generational companies in every kind of era?
And
I think Founders Fund has performed incredibly well in that regard.
We have large positions in some of the most important companies of the last 20 years, but obviously there's questions around things like SpaceX has gone public.
There's been kind of a reset back to basically the IPO price.
The lockups haven't even released yet, so there's all these questions about where that's going to stand as that kind of lockup happens over the next really two years almost.
I don't know, I guess is the answer.
I'm not a finance person at heart in any way, so I understand very little about the public markets.
But one thing that I hope happens is that as there's a reset on the public market side, I'm hoping that there will be somewhat of a reset on the private side as well because the market makes absolutely no sense in venture capital right now.
Well, I mean, certainly if the outcomes are these like multi-trillion dollar businesses, then yeah, you know, you can kind of blend that risk over many rounds at higher prices.
But that's the question is like, is that necessarily the case?
Are we going to have $10 trillion IPOs over the next decade?
five years?
Or is it going to look more like a reversion to the mean where we have companies like Anthropic, companies like OpenAI, companies like SpaceX, but then a lot of companies that are really successful, really interesting companies that are, you know, Uber scaled or Airbnb scaled or even, you know, when Meta first went public.
You know, those would be tremendous venture capital success stories, but not if, you know, you're pricing a seed round at a billion dollars.
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