All-In

Brad Gerstner × Gavin Baker × Kelly Rodriques × Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

Private-company secondaries have become a third exit market, with 2025 volume roughly twice the 2021 peak and activity equal to 31% of primary venture activity.Forge’s Schwab partnership could distribute private equity to millions of investors through regulated products, while longer private lifecycles, double-fee SPVs and valuation compression make governance, pricing and liquidity worth monitoring.

Bill Ackman

Ackman now prioritizes long-term, durable, protected, non-disruptable growth as AI makes disruption the first underwriting question.He sees Microsoft, Meta, and Amazon as undervalued amid enthusiasm for chips and energy, while SaaS requires company-by-company analysis of pricing power and platform value.Howard Hughes is his 50-year compounding project, combining below-liquidation-value real estate with insurance float and a potential path toward “a trillion-dollar thing over time.”

Vlad Tenev × Jason Calacanis

Robinhood’s tokenization thesis prioritizes access to inaccessible, illiquid assets over 24/7 trading, using stablecoin-like reserves and one-to-one minting to offer exposure to assets including OpenAI and SpaceX across 31 countries.Public stocks provide the cleaner regulatory starting point, while private shares offer greater long-term significance but raise issuer-consent and disclosure issues; Robinhood is also expanding its integrated financial platform as Harmonic develops formally verified mathematical reasoning and software.