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secondary transactions

4 statements across 4 episodes · 0 bullish · 1 bearish · 3 people on the record · first statement Feb 4, 2021 by Justin Fishner-Wolfson · across every show →

Everything said about secondary transactions, oldest first

Feb 4, 2021
Assertion Partly supported
Fishner-Wolfson: 99.99% of public market stock trades are secondary transactions
“In the venture space, when people think of investing, they generally think about, you know, a primary investing round where you're investing in the company, and yet they seem to forget that in the public markets, 99.99% of shares traded are all secondary trans…”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 36:48 20VC: Why VCs Should Care More About Cost of Capital and Less About Ownership, Investing Lessons from working with Peter Thiel at Founders Fund, Why Liquidity Aligns Incentives Between Founders and Investors & Why It Is The Last Double That Matters in Ven
May 4, 2021 bearish
Disclosure
Tisch: BoxGroup does not sell private secondary shares
“We don't sell.”
David Tisch May 4, 2021 ▶ 29:36 20VC: David Tisch on Why Ownership in Venture Does Not Matter, His Biggest Investing Misses and Hits and How His Investing Style Changed as a Result & 3 Core Reasons VCs Pass That Do Not Make Sense
Dec 6, 2021 neutral
Assertion Supported
Eisenberg: Modern founders sell far more secondary equity than in past cycles
“One of the things that's different between now and 20 plus years ago in particular is there's a lot more secondary going on, which means that founders are taking capital off the table in a lot of these rounds.”
Michael Eisenberg Dec 6, 2021 ▶ 15:22 20VC: Bill Gurley and Michael Eisenberg on The First Signs of an Impending Bust, What Happens with a Market Crash, How Do Public Markets Impact Private Valuations & The Biggest Lessons from 20 Years Investing in Venture
Feb 23, 2022 neutral
Assertion Supported
Michael Eisenberg: Founders take significantly more capital via secondary sales today
“One of these is different between now and 20 plus years ago in particular is there's a lot more secondary going on, which means that founders are taking capital off the table in a lot of these rounds. And it's hard to know how they react. You know, if the goin…”
Michael Eisenberg Feb 23, 2022 ▶ 7:17 The Tiger Global Memo: From Sequoia Capital to Benchmark and Thrive: The World's Best on the Rise of Tiger Global
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