cover of episode Ben and David on "Capital Allocators"

Ben and David on "Capital Allocators"

2022/2/18
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Ben Gilbert
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David Rosenthal
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Ted Seides
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Ben Gilbert 和 David Rosenthal 讨论了风险投资行业的演变，从早期以小规模投资和密切合作为主，到如今资金充裕、竞争激烈的多阶段投资模式。他们分析了 Andreessen Horowitz 等大型风险投资公司对行业的影响，以及其他公司如何通过细分市场或专注于早期孵化来应对竞争。他们还探讨了天使投资者的兴起以及公司选择延长私有化阶段的原因。 David Rosenthal 认为，早期风险投资更像是在购买期权，而不是购买现金流，因此高估值和高资本周转率是可行的策略。他认为，风险投资行业正在经历一个去中心化的过程，权力正在从机构转移到个人手中。 Ben Gilbert 则强调了在风险投资中，选择正确的公司和市场以及拥有独特的投资策略的重要性。他认为，随着资本的增加和资本成本的下降，需要关注回报是否能够持续。 Ted Seides 则从资本配置的角度出发，对风险投资行业的历史和现状进行了总结，并提出了对未来发展趋势的思考。 David Rosenthal 详细阐述了风险投资行业的历史，从 Don Valentine 创建红杉资本开始，到互联网泡沫后的反思，再到 Andreessen Horowitz 等公司推动行业变革的过程。他分析了不同阶段的投资策略，以及资金规模和投资阶段的演变。他还讨论了 SoftBank 和 Tiger Global 等公司如何通过巨额资金进入后期私募市场，以及这种模式对整个生态系统的影响。 Rosenthal 还探讨了天使投资者的兴起，以及他们如何参与不同阶段的投资。他认为，天使投资者可以投资任何阶段的公司，而不仅仅是早期阶段。 此外，Rosenthal 还讨论了公司选择延长私有化阶段的原因，以及这种趋势对风险投资行业的影响。 Ted Seides 总结了风险投资行业的现状，并提出了对未来发展趋势的思考。他认为，如今的风险投资不再是专门的风险投资，而是单纯的资本，各种类型的投资者都在参与不同阶段的投资。他探讨了大量资本涌入对回报的影响，以及摩尔定律对未来市场规模的影响。他还讨论了加密货币对风险投资生态系统的影响，以及 Web3 技术带来的新机遇和挑战。

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Ben and David discuss their respective backgrounds, from Ben's computer science and Microsoft experience to David's finance and Wall Street journey, and how these paths led them to venture capital and eventually co-hosting the Acquired podcast.

Shownotes Transcript

In late 2021, Ben and David were guests on Ted Seides' podcast, "Capital Allocators". The episode kicked off Ted's "Venture is Eating the Investment World" mini-series. From Ted:

David Rosenthal and Ben Gilbert are venture capitalists and hosts of the Acquired podcast. Acquired is one of my favorite shows. In it, David and Ben tell stories of great companies in technology with thorough research and a fun, engaging style.

Our conversation kicks off the mini-series with their respective backgrounds in venture, the creation of Acquired, and their research process for show. We then dive into the origins of the cottage venture capital industry, inflection point after the tech bubble, rise of an abundance of capital, firms investing across stages, the competitive response of others, the mass introduction of angel investors, businesses staying private for longer, and the potential for crypto to change the game once more.

You can see more about the show here: https://capitalallocators.com/podcast/acquiring-an-industry/)

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Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.