Trey Ward

speaker

263 appearances 1 recordings 1 series first heard Jan 2026 last heard 13 Jan

Trey Ward’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 Jan 2026 with 1.

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How I Invest with David Weisburd · E281:The Tsunami of Pain Facing Venture Capital · 13 Jan 2026 podcast

Yeah, they have a pretty clear path to scaling, right?

And so those are how we generally try to bucket those companies.

Let me take a step back because if we're talking about the future venture, venture's always been driven by outliers.

That's where the returns come from.

Historically, that's where they'll always be.

Those aren't going anywhere.

I think the issue that's arising is once you go one step below there, there was some good value.

Right now, it appears that there's going to be value destruction for those that aren't on that elite level, right?

And there are three pieces of data that I would point to that indicate this.

The first one is,

We were looking at some Carta data and Carta tracked about 1,700 companies that had raised the Series A between 19 and 21 and since raised an extension.

So think convertible note, priced extension, those things.

Well, we're now in 2025.

80% of those businesses haven't raised the Series B.

80%.

So if you start to look at this, you see, all right, the cap tables from 2019 probably weren't planning on keeping these companies afloat for six years, right?

The companies probably aren't profitable.

Why?

That was never the intent of these businesses.

That was never the business plan.

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