Liquidity cover image

Liquidity

E1: Michael Kim, Jason Calacanis, and David Weisburd on VC marks, Keith Rabois back at Khosla, and more

Jan 12, 2024

Michael Kim, Jason Calacanis, and David Weisburd discuss LP doubts about VC marks, the search for a universal gold standard in benchmarks, and the challenges of starting a new venture firm. They also explore the importance of accurately valuing investments, balancing investors and founders, and the impact of social media on decision making in the world of venture capital.

56:14

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Episode guests

Jason Calacanis

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

LPs may have doubts about how VCs mark startups and the need for a universal gold standard in LP benchmarks.

Incentives for allowing markups from GPs and best practices in LP portfolio management.

The impact of fund managers' public personas and actions on LP relationships and investments, including considerations of ethics and capital sources.

Deep dives

Business Insider goes after Bill Ackman's wife

Business Insider sent Bill Ackman's wife a 12-page email and gave her only one and a half hours to respond before publishing their allegations.

1.

Introduction

2min

2.

Valuing Investments and the Importance of Accuracy

20min

3.

Balancing Investors, Founders, and the Ecosystem

7min

4.

The Evolution of VC Decision-Making and Keith Rabois' Move to CoSLA

8min

5.

Keith Rabois and the Potential of a Billion-Dollar Fund

5min

6.

LPs, Firm Reputation, and Social Media Impact

8min

7.

Considering Motivation and Taking Money from Authoritarian Countries' Wealth Funds

5min

8.

Rebranding, Social Media, and Event Announcement

2min

(0:00) David Weisburd, Michael Kim, and Jason Calacanis dive into the world of LPs and GPs

(1:07) Exploring doubts LPs may have about how VCs are marking startups

(6:08) Jason's strategy as an LP in funds and the search for a universal gold standard in LP benchmarks

(8:39) Why LPs might be incentivized to allow markups from GPs

(11:13) LP portfolio management best practices

(17:25) Evaluating different GP strategies for secondary deals

(22:05) Comparing "idealistic" and "pragmatic" fund manager archetypes, and what the right number is for a founder to sell in secondary

(30:00) Breaking down Keith Rabois leaving Founders Fund to return to Khosla Ventures

(38:34) Challenges and responsibilities of starting a new venture firm

(42:59) Bill Ackman’s crusades, how LPs look at backing outspoken GPs

X:

https://twitter.com/Jason

https://twitter.com/MKRocks

https://twitter.com/DWeisburd

LinkedIn:

https://www.linkedin.com/in/jasoncalacanis

https://www.linkedin.com/in/michael-kim-cendana-capital

https://www.linkedin.com/in/dweisburd

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