private markets

“In the private markets, I totally believe that the more the merrier, and not so much spray and pray, but having a hundred startups is not bad.”

“I think when we look 20 years ahead our vision for the world is that the great enduring companies will actually be privately held and they will find liquidity in private markets rather than public markets.”

“I think one of the big problems structurally in the capital markets world today is we have an environment of hyper liquidity in the public universe, and then zero liquidity in the private. And there's literally nothing in between right now.”

“Well, certainly the multiples paid in the private markets at one point in time were exceeded that in the public markets, and that was cause for a lot of concern in the late 15 into 16, and you saw the crossover investors pulling back because of that, and you a…”

“I would say the same feedback that your seed investors gave you on the step up from the C to the A, we're seeing the A to the B. And I've got to imagine it's the same for every subsequent round. It's just, if you have something that's working, I just continue …”

“If you look at the new venture landscape, the value creation has really shifted to private markets. Companies add more value while they are still private than sometimes, and they do even after they've gone public.”

“The muscles of really performing well can be atrophied in the darkness of the private markets.”

“And the nice thing about private markets the way they are right now is it's all paper money. Like, whatever your last valuation was actually doesn't matter.”

“They basically get a window into the future. They get to see the businesses that will be in the public markets over the next five or 10 years and just get insight and understanding and relationships with those companies that you could never get if you weren't …”

“The private markets have innovation more right in terms of valuation than the public markets do.”

“In the private markets, only the people who do believe get to vote, so that's gonna be a skewed vote.”

“20, 20, 21 is back for the past four or five weeks. We are definitely in in at least in private markets when we are in a new Bull run, you know, valuations are high, skyrocketing.”

“I actually don't think there is shortage of ideas in the private market, but I think there are shortage of talent to execute those ideas in private market.”

“In the private market, that valuation didn't really correct, and so they want to go up public at a valuation that just doesn't make sense in a public market, right?”

“I've been in private markets for 10 years. I've never seen institutional demand be so concentrated towards one company stock.”

“Public market investors really surprised me. They are way more sophisticated than what I thought. I thought that initially when we went public, I thought that, you know, it's all about the private market, those investors, but public market investors are super …”

“But, you know, I think we're already at the stage where there are a handful at the growth stage of, you know, let's call it 10, maybe you get to 20, of institutions that are consistent presences in this part of the market. And I could probably name you those. …”

“The core analytical questions I think are pretty similar. You have different sources of information, whether you're doing public or private, but like you're still looking for the same characteristics, right? Like if you make it very simple, you're still lookin…”

“But I think there are fewer participants in the growth stage today than there was in 2020 and 20 21. And you could say, well, those are anomalous years, but I actually, I still think there has been consolidation within the growth stage of the private market.”

“If we really are talking about companies that are going to get to some level of AGI such that they're going to be, you know, not just multi-trillions, but potentially larger than that. If we're talking about how Starlink and, you know, the kind of assets being…”

“And there's no doubt that bizarrely enough, The cost of capital in the private markets remains cheaper than the public markets.”

“The problem that's happened in private markets in general is The best companies have lots of options. They can raise money from anywhere. So they sort of like don't consider retail. They don't consider retail. And that leads to this adverse selection problem w…”

“There's very few high growth companies in the public markets because all that growth has been annexed by the private markets as a bizarre outcome of, you know, ill-informed regulation.”

“The interesting comment is in the public markets, when things start going south, because there's liquidity, everybody can have a stop loss of 10% and get out, and then someone else can come in and think it's going to turn, and you know, yeah, yeah, you can hol…”

“The public markets now are giving me cheaper capital than the private markets, because if you're, if all the numbers are as reported, you're getting roughly 10 X revenues, and the fine folks at Figma are getting between 17 and 30, depending on how available yo…”

“The key sense you're missing is you can't execute a trading strategy if they're private, because when things go wrong, the liquidity won't be, when things go right, you can trade on your way up, but it would be, it'll be a lot harder to get out of one of these…”

“And if you look at what's happening in the private versus public markets now, the size of the winners from a new tech wave, that's going to happen in the private markets.”

“The private markets have grown 10 X over 10 years, right? It's over five trillion dollars of market cap now in our market.”

“The public markets ceded another three to five years of growth to the private markets, which meant market expansion for venture, And market contraction for small cap publics.”

“This mechanics of maybe it's better to be in the private market because nobody will look at how I'm defining revenue, or what's gross margins, or what contribution margin, I think it doesn't create a good business.”

“At the top, call it 20, rough just as 20 companies in the private markets. 18 of those would probably be public today, a decade ago.”

“There is no argument for overstaying your welcome in the private markets at this point.”