Secondary discounts, slightly less discounted

The longer-term price trend in VC secondaries, is not what you'd expect

• YouTube makes me s-m-r-t

• secondary discounts getting smaller

• exit liquidity is still in the pits

• can both things be true?

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Random Walk will be short and sweet today, but also throw in a bonus chart.

YouTube makes me s-m-r-t

A third of the people who watch youtube report getting smarter:

New Consumer

. . . and another ~50% report becoming “more aware” (either ‘culturally,’ or ‘globally,’ which I take to be the same thing).

This is, on the one hand, horrifying.

On the other hand, it’s great. People feel like they’re learning on YouTube. Learning is good.

Mostly, it’s a testament to the extent to which YouTube has penetrated the content zeitgeist. YouTube is where many people go to learn (and there is, in fact, much quality learning available on YouTube).

The generational shift in content consumption is still an underrated phenomenon. You are what you eat, when it comes to content, and the step-change is enormous.

Now the main event, which is also, pretty short . . .

Secondary discounts, less discounted

According to Zanbato, a platform for secondary sales of venture-backed equity, prices are gradually converging back to par:

Pitchbook

Median and mean discounts of secondary sales are just ~30% off the previous priced round.

I have no idea how reliable this data is—and even if the data is good, secondary marks can be deceiving—or why they scaled the two y-axes differently, but taking it at face value, you could look it at two ways:¹