Liquidity

“We are huge believers that you, liquidity is almost consistently undervalued. liquidity is this funny thing, which is, it's every time it's overvalued when you don't need it, and it's incredibly undervalued when you do need it.”

“Liquidity doesn't evaporate because people run out of money. Liquidity evaporates because people get scared and want to keep their money.”

“The time to liquidity is getting pushed out way further. It used to be, you know, five, six, seven, eight years to get your money back. Now it's like 12, 1315, like even these venture funds keep getting extended.”

“I've seen at least three, if not four cycles where liquidity goes from unbelievable exuberance, like we've seen in You know, 20, 21 to the drought that we see now. Only for people to say at the peak, liquidity is, is limitless. And we, the party is, is never e…”

“We are in a viciously competitive market where prices have really not come down, and in some cases gone way up, and then you have on the out, Almost no liquidity.”

“I'm not sure it's totally socially acceptable, at least for the institutional funds to do it. I think it's far easier if you're an angel, people are a little bit more understanding of that”

“But I think the non-IPO routes to liquidity are going to be much More in vogue next year.”

“Public pension funds are some of the most liquid pools of capital in the world, and there's a lot of implications for that. You have liquidity at the times you need it. You can go in liquid when illiquidity is being rewarded.”

“Now, I would say the one thing that I found that is dramatically different Is the cash flow liquidity piece. That I think is very tricky to get that right. That takes a lot of thought and a lot of anticipation and forecasting and thinking through how you're go…”

“And I think if there is a structural advantage to private markets advantage over public, it tends to be that the lack of liquidity is forcing a good level of behavior that I think is a wonderful thing.”

“Liquidity is number one. So that, because basically if you don't have sufficient liquidity to buy you the time to fix the company, you know, you can have the greatest team in the world. You can have a great plan, but you won't be able to make it happen.”

“The moral is a marketplace business never starts as a marketplace business, because what we think of as a marketplace business is something which at scale is removing the friction of the two sides finding each other. But when you start, you don't have that sca…”

“There were weeks when our billion dollar company was scrambling to scrape up enough money to make payroll. I didn't know it then, but this phrase in my career, or this phase, excuse me, this phase in my career was the genesis of a mantra that I would repeat re…”

“And the only thing that's going to solve the lack of cashflow servicing a lot of debt is new liquidity. And if you have liquidity and you can drive terms on Outcomes. I think you're going to be pretty impactful. And if you don't have liquidity, I don't think y…”

“When people are panicking about the state of their finances and worried about getting access to their cash, The first thing they dump is crypto because it is very liquid.”

“I think what we're seeing today is that obsessive growth at any cost is over. I think we're seeing the limitations of passive capital. I think we're seeing the limitations of short-term alpha. I think we're going to start to desperately realize how important l…”

“I think if you look at today, it's pretty obvious that not only are we in a more fools than money phase, we're actually in an outright liquidity crisis because you have a lot of drains on liquidity at the same time.”

“Essentially until you have a liquid marketplace, really nothing else matters. And so this should be the primary thing you're focused on defining and then building towards. And this is why you hear a lot of advice to marketplaces to basically cut scope. Down to…”

“If there's no liquidity, there's usually a lot of profit in making liquidity.”

“The advantage of buying good stocks is during every single market fall, when they become cheap, they tend to find support in the form of buyers at lower levels, but the gruesome and bad businesses, which were basically just simply bid up due to easy liquidity …”

“What I've learned is on a product marketplace, once you have a 15 to 20% sell-through rate, ideally 25%, where you can start at 15, 20%, or in a labor marketplace, where you can start representing 15, 20% of the revenues of the supply, you've basically reached…”

“It is the beneficiary of just ridiculous, crazy liquidity in the world, and I don't get where the fundamental value is right now.”

“If you want liquidity in earlier stage you know, that's actually becoming an option now where was it, you know, from my understanding, it wasn't much of an option even just a few years ago, but now it's, you know funds are getting more used to offering it.”

“And for us as a foundation, we figured out that liquidity is the thing that we've got To spend the most time. We have no inflows of capital.”

“There is no more important world in the world of finance, word in the world of finance, than liquidity. Because again, it's the flip side of positive cash flow from operations. It's your control over your situation.”

“Even like setting retail aside for a minute, like if you could just open those assets up to all accredited investors all across the world, that's an enormous increase in market depth. And so you have to believe that that is going to impact liquidity. It's goin…”

“The arc of the market bends towards liquidity. And we'll see this over time starting early and going all the way to now that liquidity and faster liquidity, ah, is something the market's always pushing towards.”

“If we are going to see a transition from abundant liquidity to less abundant liquidity, the risk of something going wrong and the penalty for that thing going wrong when it does are going to be higher than what we've experienced recently. And when that happens…”

“I don't suspect leverage is going to be the next big challenge, I do think liquidity might be the case.”

“So we've been in the most low volatility environment in my time ever investing, and liquidity in the underlying markets has also never been worse across all asset classes.”

“Do we have good liquidity? And that is a necessary But not sufficient precursor to GMV and a whole bunch of other engagement metrics for a marketplace. So that's kind of what I always look at as first principles rather than just focusing on GMV.”