TP3: sim desai hiive🐝 • emily zheng pitchbook⚾️📓 • vlad voroninski helm.ai 🤖🚙 • bytedance 🫦🕺🏻-- [trading places] ep.3
IPOs are overrated. secondaries are where the bodies get buried.
in ep.3 of [trading places], dave mcclure & aman verjee get way too many smart people on one bad pod:
emily zheng (pitchbook) — the adult in the room with $61b in us vc secondaries, step-ups, discounts, rofrs, and why ai is the only thing saving your carry.
sim desai (hiive) — transparency = liquidity. kraken vs coinbase, spvs multiplying like rabbits, whales vs minnows, and how most of the market is just ai + crypto.
vlad voroninski (helm.ai) — why honda & vw are betting on his adas → l4 software, why oems can’t build it…
The skinny
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