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Justin Fishner-Wolfson

Co-Founder & Managing Partner, 137 Ventures · 1 appearance on the record, plus 2 compilation re-airs.

computed by AI from the episodes · how this works → · full disclaimer →

investorfounderLinkedIn ↗137ventures.com ↗

Justin Fishner-Wolfson is the co-founder and managing partner of 137 Ventures, a growth-stage venture firm providing secondary market investments and liquidity solutions. Previously, he served on the investment team at Founders Fund.

28statements → 10claims → 7claims resolved → 71%fully supported → 3.8/5average certainty → 2.12/5average debate potential → ≈4.5/5argument clarity, estimated → 6said about them ↓

5 supported 1 partly supported 1 contradicted 1 not yet assessed 2 not checkable as stated how the 10 claims stand · each chip opens the sources

4 predictions · 6 assertions · 16 insights · 2 disclosures · every statement was checked. The predictions and assertions are the 10 claims: statements the public record can support or contradict. 7 are resolved, 1 is not yet assessed, and 2 name no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Justin argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Prediction Held up
Fishner-Wolfson: SPAC proliferation will lower deal quality and cause market bust
“So I think that's going to create an incredible amount of competition amongst the SPACs to get deals done. And then the quality of those deals will inevitably trend downward, which will then make SPACs, you know, look bad and they will then go away for a perio…”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 29:36 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

Their most notable contradicted claim

Prediction Didn’t hold up
Fishner-Wolfson: Top-quartile VC funds will continue outperforming other asset classes
“So, you know, you could still see compression across everything, but I think on a relative basis, you know, the top quartile of venture will continue to perform or outperform, you know, the other asset classes.”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 31:18 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

Expressed certainty vs assessment result

none yet certainty 1
none yet certainty 2
0% certainty 3
92% certainty 4
none yet certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

How they sound: speaking style how? →

263 words/min while actually speaking · 0.2 um and uh per 1k words

No argument clarity score for Justin Fishner-Wolfson: no usable question→answer exchanges on raw tape (a fair score needs 8+). We do not score a sample that small. Roundtable and news formats yield far fewer direct exchanges than interviews. Their coarse estimate from 28 exchanges on the produced feed is ≈4.5/5, shown at half point precision because the sample is small and produced tape scores higher.

Measured by listening to 6,533 words across 1 episode, but every recording we have of Justin Fishner-Wolfson is the aired feed, and an editor cleaned that audio before release. Some of the hesitation was cut before we ever heard it, so read these as floors: the true rates are at least this high. These are measurements of speaking style, not scores. How it's measured →

How the interview went all their pushback → series average →

Across 3 rated episodes:

host pushback ▾ 3.3/10
pushed back at the host ▾ 2/10
setup questions received 68%

Everything Justin Fishner-Wolfson said on 20VC that made the record, most notable first. Filter by type, assessment or year in the ledger →

Assertion Supported
Peter Thiel invested $500,000 for a 10% ownership stake in Facebook
“Peter ended up investing half a million dollars for like, 10% of the company.”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 14:26 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
Assertion Supported
Fishner-Wolfson: Regulatory limits prevent traditional VCs from doing secondary investing
“There's constraints on venture firms, you know, doing too much secondary investing because then they have to register as an investment advisor. And there's a bunch of regulatory overhead that comes from that, that people are trying to avoid.”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 33:18 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
Insight
Fishner-Wolfson: Emerging managers are married to LPs for 10 to 20 years
“Venture as a venture business is an incredibly long-term business and that your LPs, you're effectively married to them, right? These funds are often 10, 12, 15 year funds. You know, you end up raising multiple funds, and so it's just very important to do busi…”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 34:12 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
Assertion Supported
Fishner-Wolfson: Palantir stayed private for 17 to 18 years before IPO
“Palantir basically, you know, has been, or they're now public, but they were private for 1718 years.”
Justin Fishner-Wolfson Feb 4, 2021 ▶ 27:16 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

The other half of the tape: Justin Fishner-Wolfson's own voice is left out of every number here. Other people bring the name up 6 times in 1 episode on 20VC. every mention, with the transcript →

Who brings them up most Shervin Pishevar 6

Every mention by year

tap a year for its mentions
0031612025episodesmentions
0112025episodes it came up in
0030.5612025episodesmentions per episode
2025 6 mentions in 1 episode

Appearances (3)

EpisodeDateSpeaking time
20VC: Doug Leone, Bill Ackman, Bill Gurley and Orlando Bravo on "Does Price Matter"; When compilation Feb 9, 2024 2m
20VC: 13 of the Great Investing Minds on When to Pay Up vs When To Remain Disciplined and compilation Aug 12, 2022 2m
20VC: Why VCs Should Care More About Cost of Capital and Less About Ownership, Investing L Feb 4, 2021 26m
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