in this inaugural ep of [trading places], dave mcclure & aman verjee welcome david zhou (super clusters) to talk secondary markets, ai bubbles, and why your DPI might be total bs
we go deep on:
– openai’s $500B tender
– canvas vs databricks valuations
– LP/GP dynamics
– when to sell in secondaries
– spv food fights
– and the ghost of rap battles past
also: mean VC, VC trading cards, and the most painful vc math lesson you’ll hear this year.
subscribe for more pod pain.
Timestamps:
00:00 — cold open
43:10 — welcome to a very bad podcast about vc secondaries
00:01:00 — what is a secondary? (not just pre-ipo shares)
00:04:05 — how to think about valuation: revenue vs hype
00:06:07 — openai at $500B — overpriced or fair?
00:10:48 — canva vs databricks — who’s actually worth it?
00:12:58 — is AI in a bubble? we argue both sides
00:15:33 — the SPV food fight begins
00:18:00 — why companies hate multi-layered SPVs
00:19:40 — guest intro: david zhou of super clusters
00:21:58 — how david became an LP by accident
00:23:46 — the rap origin story of erik torenberg
00:27:05 — what is DPI and when should GPs sell?
00:32:47 — the tradeoffs of selling winners too early
00:37:00 — are we living in an “overmarked” AI cycle?
00:40:56 — why pricing efficiency matters in secondaries
00:44:00 — the myth of public-like liquidity in secondaries
00:48:33 — valuation corner: databricks vs snowflake
00:54:12 — OPP spotlight: yohei nakajima & the rise of mean VC
01:01:09 — mark suster ep2 teaser
01:01:41 — bloopers
referenced links:
https://cupofzhou.com/the-non-obvious-emerging-lp-playbook/
https://cupofzhou.com/the-science-of-selling/https://www.nytimes.com/2025/08/19/technology/openai-chatgpt-stock-sale-valuation.html
https://openai.com/policies/unauthorized-openai-equity-transactions/
https://www.investopedia.com/terms/1/2000-investor-limit.asp
find us at: www.linktr.ee/tradingplacespod
[david zhou > https://www.linkedin.com/in/davidjzhou | https://x.com/cupazhou ]
[aman verjee > https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ]
[dave mcclure > https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]