Opinion
Miller: Universal basic ownership of AI beats universal basic income
“I think democratic ownership is the solution to how we deal with AI. The idea that everyone wants to get, like, universal basic income, I think that's a horrible idea, but universal basic ownership, I feel like that is magic.”
Prediction Not checkable as stated
Miller: Public venture fund structures will be adopted across VC within years
“Right now we're novel in a couple of years from now it'll be obvious and everyone will be doing this.”
Prediction Not checkable as stated
Miller: Loyal will develop the most successful drug in history
“This is going to be the most successful drug in history. And then she's going to go and create the next thing. She's going to create like longevity for humans. I think too.”
Prediction Not checkable as stated
Miller: Public venture funds will become a multi-hundred-billion-dollar asset class
“I think that it's about creating like a multi hundred billion dollar category where you get millions of people investing in private tech companies and build this bridge between the two sides of the market.”
Prediction Not checkable as stated
Miller: Every American will allocate 5% to public VC in 10 years
“I think that like 10 years from now, every single person in America will have five percent of their portfolio in like public venture capital. It'll be totally normal. It'll be like an ETF. It'll be just this thing that's standard and the public capital, so the…”
Prediction Not checkable as stated
Miller predicts most mega venture firms like a16z will eventually go public
“The nature of these partnerships is eventually they want to monetize and the best way to monetize is go public. This happened in all the investment banks. They've all went public. And so Yeah, I mean, they'll, most of them will eventually go public, and then t…”
Prediction Not checkable as stated
Miller predicts AI will displace 20% to 30% of white-collar jobs
“I think more than 20%, but less than 50. So like let's say 20 to 35 years, 20 to 30% of jobs are Not to, not, not just displaced, but also suppressed. So you don't make that marginal higher and that adds up to tens of millions of jobs.”
Insight
Miller: Founders create 99% to 100% of business value, not VCs
“Mostly the person who built a business, nine to nine percent is the business builder. Maybe a hundred percent.”
Disclosure
Miller: Fundrise acquired secondary tech holdings from distressed funds in 2023
“Some of the companies you named, and I'm not supposed to say which ones we bought from distressed funds who were having to sell in early to mid-twenty-twenty-three.”
Opinion
Miller: Destiny Tech100 performed well overall despite controversy
“I actually think it did go well. I mean, there was some drama around it because they had, I think the, there was some drama with some of their portfolio companies, but ultimately I think it traded well and they raised money at a premium. So like, I don't know …”
Assertion Partly supported
Miller: VCX Portfolio Grew 193% Last Year Versus 25% for QQQ
“So QQQ, which is like an index of public tech, the weighted average growth rate of public tech companies last year was 25% a year. The weighted average growth rate for our portfolio for VCX was 193%.”
What-if
Miller: AI companies would have been decimated if public
“And I think if any of the AI companies have been public, they would have been getting decimated.”
Insight
Miller: The best venture capital is long-term passive capital without value-add
“The best value add is no value add. My opinion is that you want long-term passive capital, which is what the best capital is. Second best is that is that then you add value.”
Assertion Not checkable as stated
Miller: AI eliminated Fundrise's need to hire support staff for new users
“But we used to have 20 people. We used to have to hire one person for every 30,000 new investors, and now we don't.”
Prediction Not checkable as stated
Miller: Middle East LPs will invest less in VC due to conflict
“I think they'll want to invest less because I think they're going to be trying to like deal with domestic issues. So I think that there's a possibility that we see a downturn coming out of this that, that could shock venture industry.”
Disclosure
Miller: Fundrise board initially rejected expanding from real estate into tech
“I remember going to my board and saying, we want to expand from real estate into tech and democratize investing into tech. And the board said to me, that's a horrible idea. Should not do that. You guys aren't VC people. You guys don't know how to get access to…”
Disclosure
Miller: Fundrise delayed its IPO due to Iran war concerns
“We delayed it a couple of times. I was worried about the war with Iran.”
Disclosure
Miller: Fundrise invested in a data center housing a top AI lab
“We invested in a data center. We invested in this world-class, I mean, I can't tell what the tenant is, but it's a top AI lab.”
Assertion Partly supported
Miller says Fundrise reduced headcount from 350 to 200 employees
“For us, for sure, we were 350 people. Now we're 200 people. I mean, every, every month we can do more with less people.”
Assertion Partly supported
Miller: Fundrise venture fund was up 65% over past 12 months
“I think it was up 65% in the last 12 months.”
