Rephonic
Artwork for trading places
Venture Capital
Openai
IPO
Donor-Advised Funds
Nvidia
Secondary Market
Ipo Market
Tax Efficiency
Spacex
Canva
Philanthropy
Oracle
Tether
University Impact
Environmental Solutions
VC Secondary Market
Michael Burry
Private Markets
Anthropic
Artificial Intelligence

a very bad ๐Ÿ’ฉpodcast about VC secondaries broken unicorns โค๏ธโ€๐Ÿฉน๐Ÿฆ„ & busted carry ๐Ÿ“‰๐Ÿ™ˆ

PublishesWeeklyEpisodes34Founded9 months ago
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Artwork for trading places

Latest Episodes

Anthropic is now reportedly running at a $44B ARR pace, secondary markets are valuing it north of $1T, and demand is turning into full-scale FOMO.

This week on Trading Places, Dave McClure and Aman Verjee break down:

00:00 โ€” cold open

00:39 โ€” [ te... more

Anthropic is accelerating at a pace the tech world has never seen.

In Episode 33 of Trading Places, Dave McClure, Aman Verjee, Marcelo Ballvรฉ (Sacra), and Adam Crawley (Augment) break down the AI valuation frenzy, OpenAIโ€™s growing pressure, hypersca... more

Anthropic just crossed a $1 trillion valuationโ€ฆ and may have officially passed OpenAI.

Meanwhile, Elon Musk is making movesโ€”SpaceX is partnering with (and possibly acquiring) Cursor in a $60B deal, while OpenAI races to stay competitive with new rel... more

Markets hit all-time highs in 11 trading days. Someone shorted oil 20 minutes before Trump spoke. SpaceX wants to raise $75B at a $2T valuation. And an autonomous naval defense startup just hit a $9.25B valuation โ€” and almost no one's talking about i... more

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Recent Guests

Ravi Ravulaparthi
Founder and CEO of Qapita Software
Qapita Software
Episode: OpenAI Path To Profitability, Anduril Valuation, & India Unicorns | Qapita Ravi Ravulaparthi | Ep21
Noel Moldvai
Founder and CEO of Augment Software
Augment Software
Episode: Top 20 Private Companies in 2026, The Billionaire Tax, Mistral AI Valuation | Augment + Sacra | Ep20
Nathan Lustig
General Partner at Magma Partners, an investor in Latin American startups since 2010
Magma Partners
Episode: Why LatAm Beats Other Emerging Markets, 2026 IPOs, & Discord Valuation | Guest Nathan Lustig | Ep19
Karin Tenenboim
Partner with Practical Venture Capital, focusing on investments in the region.
Practical Venture Capital
Episode: Why LatAm Beats Other Emerging Markets, 2026 IPOs, & Discord Valuation | Guest Nathan Lustig | Ep19
James Riney
Founder and Managing Partner of Coral Capital
Coral Capital
Episode: TP18: James Riney of Coral Capital ๐Ÿ‡ฏ๐Ÿ‡ต | Japan's VC Explosion ๐Ÿš€ | 2026 IPO Predictions ๐Ÿ“ˆ
Javier Avalos
Co-founder and CEO of Caplight
Caplight
Episode: TP17: Caplight's Javier Avalos ๐Ÿ“Š | Secondary Boom ๐Ÿ”ฅ| Why Banks Need Private Mkts ๐Ÿฆ | $230B xAI ๐Ÿš€
Adrien Gautier
Managing partner of Bridgespan, specializing in employee stock option financing.
Bridgespan
Episode: TP16: Bridgespan VC ๐Ÿ’ฐ| Employee Stock Option Financing ๐Ÿซด| Oracle Stock ๐Ÿ“‰ | Waymo Valuation ๐ŸŽ๏ธ
Ben Black
Expert in secondary markets and founder of Akkadian Ventures.
Akkadian Ventures
Episode: TP15: Ben Black Akkadian Ventures๐Ÿ† | Secondaries Secrets ๐Ÿ’Ž | RAISE Conf ๐ŸŽฏ | Vercel $9B ๐Ÿš€
Emily Zheng
Analyst at Pitchbook, specializing in venture capital secondaries
Pitchbook
Episode: TP13: Emily Zheng of Pitchbook ๐Ÿ“Š | VC Secondaries Hit $95B ๐Ÿ”ฅ | Ramp $32B ๐Ÿ’ณ

Hosts

Dave
Co-host and interviewer with long-running involvement in the show's trading-focused discourse
Aman Verjee
Co-host with extensive involvement across episodes, often guiding discussions with data-driven questions

Reviews

5.0 out of 5 stars from 3 ratings
  • A Hidden Corner of Startup/VC Investing, Explained

    Iโ€™ve really enjoyed the [trading places] podcast. It takes a part of the investing world that usually feels pretty mysteriousโ€”the secondary marketโ€”and makes it easy to follow without dumbing it down. The hosts (Dave McClure and Aman Verjee) ask great questions, and the guests (like Upfront Venturesโ€™ Mark Suster, as well as other secondary investors) give honest, practical insights you donโ€™t hear on most finance/startup/VC podcasts. Iโ€™ve walked away from episodes with a much clearer understanding... more

    Apple Podcasts
    5
    daveschappell
    United States8 months ago
  • Nobody does it better

    This is the single greatest podcast ever done on the VC secondary market.

    Apple Podcasts
    5
    HotHamCheese101
    United States8 months ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Guests consistently provide honest, actionable insights not found in mainstream finance podcasts.
Questions from hosts are sharp and practical, helping guests unpack complicated topics.
Audience tends to value liquidity-focused discussions and data-driven analysis.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Apple Podcasts
#50
Belgium/Business/Investing
Apple Podcasts
#179
Belgium/Business
Apple Podcasts
#181
Singapore/Business/Investing

Talking Points

Recent interactions between the hosts and their guests.

TP18: James Riney of Coral Capital ๐Ÿ‡ฏ๐Ÿ‡ต | Japan's VC Explosion ๐Ÿš€ | 2026 IPO Predictions ๐Ÿ“ˆ
Q: What has happened with Coral Capital and the venture capital landscape in Japan recently?
James discussed their significant secondary sale in SmartHR, noting it as the largest of its kind in Japan, while also highlighting the growing venture capital market.
TP17: Caplight's Javier Avalos ๐Ÿ“Š | Secondary Boom ๐Ÿ”ฅ| Why Banks Need Private Mkts ๐Ÿฆ | $230B xAI ๐Ÿš€
Q: What are the types of customers for Caplight?
Caplight serves a dual clientele: broker-dealers on the sell side and institutional asset managers on the buy side.
TP17: Caplight's Javier Avalos ๐Ÿ“Š | Secondary Boom ๐Ÿ”ฅ| Why Banks Need Private Mkts ๐Ÿฆ | $230B xAI ๐Ÿš€
Q: Why did you leave and start Caplight?
Javier Avalos identified the fragmentation in the VC secondaries market and the need for a centralized solution for trading these assets.
TP15: Ben Black Akkadian Ventures๐Ÿ† | Secondaries Secrets ๐Ÿ’Ž | RAISE Conf ๐ŸŽฏ | Vercel $9B ๐Ÿš€
Q: What are the current trends in IPO valuations?
The IPO market is showing potential for record highs, with companies like SpaceX and Anthropic considering substantial valuations soon.
TP15: Ben Black Akkadian Ventures๐Ÿ† | Secondaries Secrets ๐Ÿ’Ž | RAISE Conf ๐ŸŽฏ | Vercel $9B ๐Ÿš€
Q: What do you think the prospects are for Vercel at its current valuation?
The growth is extraordinary, making Vercel stand out in the AI application development space.

Audience Metrics

Listeners, social reach, demographics and more for this podcast.

Listeners per Episode
Gender Skew
Location
Interests
Professions
Age Range
Household Income
Social Media Reach

Frequently Asked Questions About trading places

What is trading places about and what kind of topics does it cover?

The show centers on private markets, VC secondaries, and liquidity for investors in emerging ecosystems. Across episodes, topics frequently swing between secondary market dynamics, unicorn and IPO outlooks, AI-driven disruption, and region-specific trends (notably LatAm and India) as well as data-driven insights from research-focused guests. It's likely to appeal to listeners who want practical takes on private.asset liquidity, deal flow, and the evolving VC landscape, with a healthy dose of market psychology, valuation debates, and liquidity solutions for employees and investors alike. A standout angle is the consistent emphasis on secondary markets as a core theme, including conversations with practitioners who shape liquidity and pricing... more

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To see how many followers or subscribers trading places has on Spotify and other platforms such as Castbox and Podcast Addict, simply upgrade your account. You'll also find viewership figures for their YouTube channel if they have one.

Which podcasts are similar to trading places?

These podcasts share a similar audience with trading places:

1. The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
2. The a16z Show
3. Odd Lots
4. Invest Like the Best with Patrick O'Shaughnessy
5. TBPN

How many episodes of trading places are there?

trading places launched 9 months ago and published 34 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

How do I contact trading places?

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What guests have appeared on trading places?

Recent guests on trading places include:

1. Ravi Ravulaparthi
2. Noel Moldvai
3. Nathan Lustig
4. Karin Tenenboim
5. James Riney
6. Javier Avalos
7. Adrien Gautier
8. Ben Black

To view more recent guests and their details, simply upgrade your Rephonic account. You'll also get access to a typical guest profile to help you decide if the show is worth pitching.

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