a very bad đŠpodcast about #VC #secondaries broken unicorns â¤ď¸âđŠšđŚ & busted carry đđ| @davemcclure @amanverjee @practicalVC
Silicon Valley, CA
- Tweets 579
- Following 297
- Followers 2,235
- Likes 278
Pinned Tweet
Meta's @Muse is #1 on the App Store, ahead of ChatGPT. @alexandr_wang đ
@AmanVerjee: "If I had to short one company right now⌠I'd short Instinct." A $10B valuation, with Sequoia and Benchmark rumored to lead.
@davemcclure isn't so sure. Who's right?
Episode 49 of @TradingVCs is here:
1:06 - [ tech and vc news ]
3:29 - Fed rates jump to 4%, gas @ $4.50/gal
8:16 - @AnthropicAI delays IPO; @OpenAI raising @ $1.2T
12:00 - Does AI need govt regulation?
16:54 - @nscale files for IPO
20:45 - EU AI rising: @MistralAI $24B, @cohere @ $20B
24:07 - @Gemini joins AI hacker club
25:33 - @Meta @finkd launches AI agent Muse; Instinct raising @ $10B @sequoia @benchmark
33:47 - [ intvw: Dan Gray @credistick, research lead, @JoinOdin ]
39:48 - Venture has eaten the IPO
41:19 - Shifting VC strategies
58:45 - How AI could upend VC industry
1:13:39 - Contrarian take on upcoming AI IPOs
1:13:21 - [ valuation corner: @shieldaitech seeks $20B ]
1:17:08 - Impressive founding brothers @brandontseng2 @rtsengusa
1:18:30 - Why VC defense investment is growing
1:22:18 - Breaking down world-wide defense budgets
1
4
8
3,990
trading places retweeted
Biased opinion, but this is easily one of my favourite podcasts on VC â @davemcclure and @AmanVerjee are legends, with great perspective on the big picture.
It was a pleasure to chat with Dave about what we do at @JoinOdin and some of the topics I've been writing about recently.
Meta's @Muse is #1 on the App Store, ahead of ChatGPT. @alexandr_wang đ
@AmanVerjee: "If I had to short one company right now⌠I'd short Instinct." A $10B valuation, with Sequoia and Benchmark rumored to lead.
@davemcclure isn't so sure. Who's right?
Episode 49 of @TradingVCs is here:
1:06 - [ tech and vc news ]
3:29 - Fed rates jump to 4%, gas @ $4.50/gal
8:16 - @AnthropicAI delays IPO; @OpenAI raising @ $1.2T
12:00 - Does AI need govt regulation?
16:54 - @nscale files for IPO
20:45 - EU AI rising: @MistralAI $24B, @cohere @ $20B
24:07 - @Gemini joins AI hacker club
25:33 - @Meta @finkd launches AI agent Muse; Instinct raising @ $10B @sequoia @benchmark
33:47 - [ intvw: Dan Gray @credistick, research lead, @JoinOdin ]
39:48 - Venture has eaten the IPO
41:19 - Shifting VC strategies
58:45 - How AI could upend VC industry
1:13:39 - Contrarian take on upcoming AI IPOs
1:13:21 - [ valuation corner: @shieldaitech seeks $20B ]
1:17:08 - Impressive founding brothers @brandontseng2 @rtsengusa
1:18:30 - Why VC defense investment is growing
1:22:18 - Breaking down world-wide defense budgets
1
4
24
2,716
trading places retweeted
If you want to save money on your 2026 taxes, signup for one of our free #DAF education webinars this Thu 9/24 or Mon 9/28 â info: PracticalVC.com/DAF â
Learn how to donate #startup stock or #VC funds to your own DAF (Donor Advised Fund), and save $25K-100K or more on your taxes every yearđ°
This can be *very* useful if youâve had a big #secondary sale or #IPO in 2026, a large #capital gain, or just ordinary #income to offsetđ§ž
You can also use your DAF to #invest tax-free in #startups & VC funds, or give to #charitable groups #nonprofits that have positive impact on the worldđđŞđ˝đď¸
DAF education webinars are hosted by @PracticalVC + @UI_Charitable
3
14
35
13,412
THE SECRET BEHIND THE COWBOYSâ $10B+ VALUATION
Why are the Dallas Cowboys the most valuable franchise in sports?
Itâs not just ticket sales or TV money.
Jerry Jones negotiated a special deal that lets the Cowboys keep a much larger share of apparel, licensing, stadium, and hospitality revenue than other NFL teams.
That means more revenue stays with the Cowboys â and more value accrues to the franchise.
With roughly $1.2B in annual revenue, the Cowboys have built a business model that looks very different from the rest of the league.
@davemcclure and @AmanVerjee break down how the Cowboys built the most valuable team in sports.
1
2
5
782
WHY WOULD YOU BUY A $3B SPORTS TEAM?
Because the tax bill can look very different from the sticker price.
A franchise buyer can potentially amortize intangible assets over 15 years, creating massive tax deductions along the way.
For a $3B purchase, that could mean billions in deductions over time â plus potential state and local tax benefits.
The real cost of a sports team may be far lower than the headline price.
@davemcclure and @AmanVerjee break down the math.
1
3
3
552
Catch up on full episodes of Trading Places Podcast! Subscribe to our YouTube channel!
piped.video/@practicalventurâŚ
1
4
83
HOW DO YOU VALUE A $10 BILLION SPORTS TEAM?
Teams trade around 9â12x revenue, driven by:
⢠Stadium revenue
⢠Media rights
⢠Long-term media deals
The Yankees generate ~$320M from stadium revenue + ~$220M from media rights.
The Dodgers locked in a 25-year, $8B regional sports deal in 2013.
@davemcclure and @AmanVerjee break down how sports franchises get valued.
1
4
5
759
Catch up on full episodes of Trading Places Podcast! Subscribe to our YouTube channel!
piped.video/@practicalventurâŚ
4
70
WHAT IF AI COMPANIES PAID THE GOVERNMENT FOR LEGAL PROTECTION?
@sama and @DarioAmodei might accept an âAI taxâ or even a government stake â if it bought them something critical: legal certainty.
Pay upfront. Get protection from potentially unlimited liability as AI scales.
@davemcclure and @AmanVerjee break down the tradeoff.
1
4
5
718
Check out the latest episode of Trading Places Podcast! piped.video/ai5CrPtxP4Q?si=8RdhâŚ
1
1
80
AI giants hit the breaks. @DarioAmodei says the industry needs to "pace the frontier." @sama and @elonmusk agreed.
Dave and Aman aren't buying the official story.
Plus: a Valuation Corner deep dive on @harvey, now worth $15.5B just months after its last round.
Watch now đ
[ Tech & VC News ]
03:07 â - oil, interest rates, and inflation all up
06:25 - importance of reducing the deficit
08:13 â - AI leaders hit the brakes @AnthropicAI @OpenAI @SpaceXAI
20:27 â - why AI giants want to be regulated
25:22 - upcoming @ouraring IPO
28:34 â - mega-round raises for a host of AI companies
38:09â â - tender offer boom
[ Valuation Corner: Harvey AI @ $15.5B ]
43:34 - â founder stories @winstonweinberg @gabepereyra
47:43 - â breaking down the legal AI ecosystem
50:07 - â â Harvey vs AI giants
57:30 - â â tribute to a legend: Bill Draper
thanks for watching another @TradingVCs with @davemcclure and @AmanVerjee
3
5
7,148
PAYPAL WENT PUBLIC IN 4 YEARS. SPACEX IS AT 24.
@PayPal was founded in 1998 and went public by 2002.
@SpaceX was founded in 2002. Itâs now 24 years oldâand finally went public.
And it's not an outlier.
Palantir: 17 years
Airbnb: 12 years
Uber: 10 years
Snowflake: 8 years
The IPO timeline for tech companies has changed dramatically.
So what happens when companies stay private for decades?
@AmanVerjee sat down with @LizClaman on The Claman Countdown.
1
2
2
206
@PracticalVC is raising our third secondary fund, PVC-3: The Halftime Fund, for investors who want to cut their hold time in half: practicalvc.com/halftime-funâŚ
2
39
WHY FUND MANAGERS ARENâT CHASING OPENAI AND ANTHROPIC
Everyone wants a piece of OpenAI and Anthropic.
But that may be exactly why some fund managers are staying away.
The problem isnât that these companies are bad. Itâs that everyone is chasing them â making shares harder to get and pushing investors to pay a premium to the last round.
Instead, Aman Verjee says the real opportunity may be the next 20â30 companies growing quickly, where thereâs less market demand and investors can potentially buy at a discount.
Sometimes the best venture investment isnât the company everyone wants.
Itâs the one they havenât discovered yet.
@AmanVerjee sat down on The Claman Countdown with @LizClaman.
1
2
6
236
@PracticalVC is raising our third secondary fund, PVC-3: The Halftime Fund, for investors who want to cut their hold time in half: practicalvc.com/halftime-funâŚ
42
𫧠Aman Verjee on why the AI buildout doesn't feel like a bubble:
"If every single GPU that NVIDIA rolls off the assembly line, metaphorically, lights up the next day...
It's not like they're laying dark fiber or building railways that no one is using and then thinking, 'If we build it, they will come.' They're already here. They're building what people want.
So this feels like there's real demand."
â @AmanVerjee with @coldxman on @ConvoswColeman
1
1
1
168
Check out Aman Verjee's new book A Brief History of Financial Bubbles: bigbubbletrouble.com/
43
How much stock do you actually put on the market when everyone wants a piece?
@SpaceX's IPO showed the powerâand potential risksâof a tightly controlled float.
Now @OpenAI and @AnthropicAI face a different version of the same problem. Theyâve grown so large, so quickly, that investor demand could be overwhelming.
@Forge_Global CEO Kelly Rodriques explains what the next generation of mega-IPOs can learn from SpaceX on Trading Places Podcast with @davemcclure.
1
3
4
753
Catch up on full episodes of Trading Places Podcast! Subscribe to our YouTube channel!
piped.video/@practicalventurâŚ
2
51