TP2: why VCs panic sell 💸 & unicorns break 🦄 — mark suster — [trading places]

trading places · Sep 9, 2025 · 1h 17m

a very bad podcast about broken unicorns & busted carry

in this ep of [trading places],

dave mcclure & aman verjee sit down with upfront ventures’ mark suster to talk:

* why he sold $600m+ in secondaries before the crash

* why vcs are emotionally bad at selling (spoiler: regret math)

* how funds fake “long-term conviction” while quietly cashing out

* the trillion-dollar tiktok problem & klarna’s rollercoaster ipo

* and why dpi is greater than tvpi (but most g(p)s don’t get it)

was that canva secondary a win or a loss? are vcs cowards for not taking chips off the table? is anthropic worth…