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Update frequency:
biweekly
Average audio length:
59 minutes
Guest interviews
English
United States
8 episodes
since June 23, 2026
episodic

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Kyle Harrison learned venture three ways before he joined Contrary. TCV thought like private equity, Coatue like a hedge fund, and Index like classic venture. At Contrary he founded Contrary Research and co-wrote The Anduril Thesis: a hundred years of what broke in defense, and how Anduril’s founde…

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Adam Bergman had a master's in tax law and no idea an IRA could own alternative assets. Then a client asked to put IRA money into a hedge fund, and the answer blew him away: the code never says what a retirement account can buy, only what it can't. He left Big Law and built IRA Financial on that fa…
The better Andrew Ryan's team got at their job, the less money they made. He has spent 25 years in venture services, where two-week deliveries and a broken process were simply assumed. He kept fixing it anyway. The venture services episode: how shares move from funds into LPs' hands, and what rebui…
Jeremy Neilson was pushing his child on a swing when AngelList called. The ask, in an Australian accent: can you do funds in bulk? He said yes, and the yes became Assure, the firm that ran over 9,000 SPVs before the great re-pricing of 2022 that halted SPV volume took down the firm. The SPV episode…
Walter Chen worked the Lehman Brothers bankruptcy as a lawyer. Then he quit. He built and sold iDoneThis, bootstrapped Animalz to eight figures with clients like Zapier and Airtable, then started Sacra to cover the pre-IPO market. The research episode: how Sacra covers private companies, and how in…
Javier Avalos co-founded Caplight to create a derivatives platform pre-IPO stock.  To start, there was no platform, just phone calls, and buyers showed up: a handful of trades closed, and one buyer called a losing position his best trade, because according to the investor - the option contained the…
Adam Crawley has been obsessed with the markets since he was seven years old. In college, a professor insisted you can't beat the market. Adam set out to prove him wrong: from the Morgan Stanley trading floor to six years at SharesPost, then out of the industry, until Noel's cold LinkedIn found him…
If Noel had known how hard it would be to build the infrastructure for the modern pre-IPO market, he would not have started Augment. He started it anyway. Five years and over a thousand trades later, he walks Max through how a real venue for private stock works: why his original order-book idea had…
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