episode 5 of @+[trading places], a very bad 💩podcast about VC #secondary 2️⃣, broken unicorns 🦄💔& busted carry 😱, is out NOW!

this week, we sit down with Joe Schorge and Omolade Idebisi of EU fund of funds (FoF) Isomer Capital about secondary fund strategy, GP-led vs. LP-led and how they navigate a world of weird discounts when they go to trade in the secondary market.

plus Dave Mcclure shares his criteria on how he evaluates deals these days and Aman Verjee is BACK with another [valuation corner] feat. a breakdown of SpaceX’s latest price tag at $400B.

[news]

00:00 — cold open: “i love your fund… at a 47% discount”

00:42 — mega-deals mania (nvidia + openai $100b, oracle $300b, tether $500b)

06:17 — tiktok handoff: bytedance, oracle & trump’s blessing[interview: isomer capital]

22:45 — joe & omolade intro + isomer’s 10-yr journey into secondaries28:57 — vc secondaries ≠ pe secondaries (pricing, competition, access to data)

43:01 — gp-led vs lp-led, weird discounts & how deals actually get done

52:00 — case study: 24 lps sell, gp + co-lp + isomer buy in:

02:29 — revolut @ $75b: buy, sell, or hold?

[valuation corner: spacex]

1:06:12 — spacex @ $400b: is that cheap? starlink, cashflows & comps

1:21:00 — beyond starlink: mars colonies & east india company vibes

find us at:

[trading places podcast = www.linktr.ee/tradingplacespod]

[joe schorge = https://www.linkedin.com/in/joe-schorge-isomer/ | https://x.com/JSchorge ]

[rachel adebisi = https://www.linkedin.com/in/omolade-r-adebisi/]

[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 ]