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All-In PodcastE141: State of Series A's, VC dry powder, IPO window opens + more with Bill Gurley & Brad Gerstner
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Episode Details
EPISODE INFO
- Released
- August 11, 2023
- Duration
- 1h 35m
- Channel
- All-In Podcast
- Watch on YouTube
- ▶ Open ↗
EPISODE DESCRIPTION
(0:00) Bestie intros: Friedberg's bad haircut (1:17) Welcome BG^2! Biography recommendations and film talk (22:27) VC market update: State of Series A's (33:43) Dry powder misconceptions, marking incentives (48:57) IPO window starting to open, IPO down rounds, incentives to go public (1:03:17) Cyclical venture cycles, managing distributions, benchmarking VC performance vs public market (1:22:26) Tragic Maui wildfires, extreme temperatures (1:26:11) Macro picture: inflation cools, deflation risk? Follow the besties: https://twitter.com/chamath https://linktr.ee/calacanis https://twitter.com/DavidSacks https://twitter.com/friedberg https://twitter.com/altcap https://twitter.com/bgurley Follow the pod: https://twitter.com/theallinpod https://linktr.ee/allinpodcast Intro Music Credit: https://rb.gy/tppkzl https://twitter.com/yung_spielburg Intro Video Credit: https://twitter.com/TheZachEffect Referenced in the show: https://youtu.be/xmYekD6-PZ8 https://www.amazon.com/Setting-Table-Transforming-Hospitality-Business/dp/0060742755 https://www.amazon.com/Steve-Jobs-Walter-Isaacson/dp/147770146X https://www.amazon.com/Elon-Musk-Spanish-Walter-Isaacson/dp/B0CBTHK86N https://www.amazon.com/Good-Great-Some-Companies-Others/dp/0066620996 https://www.amazon.com/Man-Arena-Selected-Writings-Roosevelt/dp/0765306700 https://www.amazon.com/Shoe-Dog-Memoir-Creator-Nike/dp/1501135910 https://www.amazon.com/Alexander-Hamilton-Ron-Chernow/dp/1594200092 https://www.amazon.com/Something-Autobiography-Vintage-Akira-Kurosawa/dp/B0C3D5NDJX https://www.amazon.com/Born-Standing-Up-Comics-Martin/dp/B017QUU3EO https://www.amazon.com/Writing-Memoir-Craft-Stephen-King/dp/1439193630 https://www.amazon.com/Autobiography-Malcolm-told-Alex-Haley/dp/0345379756 https://www.linkedin.com/posts/peterjameswalker_cartadata-seriesa-valuations-activity-7092542118803488768-vOcY https://www.theinformation.com/articles/venture-firms-still-writing-small-checks-despite-271-billion-in-dry-powder https://twitter.com/bgurley/status/1688605654188224512 https://finance.yahoo.com/chart/SN https://www.google.com/finance/quote/CAVA:NYSE https://finance.yahoo.com/quote/SRFM https://twitter.com/altcap/status/1686086247029055489 https://www.wsj.com/articles/university-endowments-mint-billions-in-golden-era-of-venture-capital-11632907802 https://www.youtube.com/watch?v=Hhy7JUinlu0 https://twitter.com/gokulr/status/1680006171149869056 https://www.statista.com/statistics/277501/venture-capital-amount-invested-in-the-united-states-since-1995 https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm https://www.bloomberg.com/news/newsletters/2023-08-10/disinflation-wave-the-bloomberg-open-americas-edition https://www.nytimes.com/2023/08/09/business/china-economy-inflation.html https://twitter.com/KobeissiLetter/status/1689010884062904320 #allin #tech #news
SPEAKERS
David Friedberg
hostChamath Palihapitiya
hostJason Calacanis
hostNarrator
otherDavid Sacks
hostBill Gurley
guestBrad Gerstner
guest
EPISODE SUMMARY
In this episode of All-In Podcast, featuring David Friedberg and Chamath Palihapitiya, E141: State of Series A's, VC dry powder, IPO window opens + more with Bill Gurley & Brad Gerstner explores Venture Reset: Series A Reality, Dry Powder Myths, IPO Reckoning Arrives The episode brings Bill Gurley and Brad Gerstner together with the All-In crew to dissect today’s venture landscape, from Series A dynamics to late-stage distress and the reopening IPO window. They argue that while new early-stage deals have stabilized near pre-pandemic norms, hundreds of overvalued 2020–2021 ‘unicorns’ now face painful down rounds, structural cap-table problems, or forced IPOs. The group unpacks the misconception of VC “dry powder,” explaining LP constraints, distorted marks, and why many funds are deliberately deploying slowly. They also touch on the macro backdrop—disinflation, rising effective rates, record debt—and sprinkle in discussions on biographies, craft, and career advice as context for how great investors and operators think.
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