All-In

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg × Jake Paul × Drew Taggart × Alex Pall

Jake Paul is turning owned attention into distribution and talent infrastructure, citing 138 million Netflix viewers for the Mike Tyson event and 400 MVP fighters.His $100 million Anti Fund and The Chainsmokers’ fund target venture economics, but later tranches priced at two or three times earlier valuations without operating improvement leave realized DPI—not TVPI—as the test of Chamath’s bubble warning.

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.”

CZ × Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

Binance emerged after China’s March 2017 shutdown erased roughly 30 software clients, with an ICO selling 60% of BNB for about $15 million to fund the crypto-to-crypto exchange.Faster execution and a 50% fee discount drove adoption, but weak KYC/AML and unregistered US service led to CZ’s four-month sentence, while AI-agent payments remain a possibility and privacy unresolved.