Why Secondary Markets Are Eating the IPO | All-In Liquidity Secondary Markets Panel

Watch on YouTube ↗  |  June 07, 2026 at 18:26  |  39:38  |  All-In Podcast
Speakers
Brad Gerstner — CEO, Altimeter Capital
GavinSBaker — Portfolio Manager, Atreides Management
Jason Calacanis — Angel Investor / Founder, LAUNCH
Kelly Rodriques — CEO, Forge

Summary

The panel discusses the boom in secondary markets as companies stay private longer, the Forge-Schwab deal democratizing access, and each panelist picks a private company they would buy in the secondary market. Specific picks include Sierra, Arya & Drivets, Neuro Robotics, Vast, Zipline, and Revolut.

  • Secondary market volumes have surpassed 2021 peaks and are competing with IPOs as exit liquidity.
  • Companies stay private longer due to founder preference for less scrutiny, but panelists argue public markets provide better discipline.
  • The Forge-Schwab deal aims to bring private equity products to 46 million retail investors via interval funds.
  • Panelists warn retail investors to be cautious at elevated valuations and avoid YOLOing into top names.
  • Brad Gerstner picks Sierra as an interesting agent-native CRM company.
  • Gavin Baker highlights Arya, Drivets, and Neuro Robotics as attractive private networking and robotics plays.
  • Jason Calacanis reveals investments in Vast (space stations) and Zipline (drone delivery).
  • Kelly Rodriques is intrigued by Revolut as a next-gen neobank expanding to the US.
Trade Ideas
Brad Gerstner CEO, Altimeter Capital 33:12
Sierra is a compelling agent-native CRM.
Sierra (Brett Taylor's company) is building an agent-native CRM platform. Downside risk from OpenAI/Anthropic entering the space, but upside if acquired by a large tech company looking to accelerate agent capabilities. I would buy it in the secondary market.
Sierra MED
Kelly Rodriques CEO, Forge 33:56
Revolut disrupts banking with modern stack.
Revolut is a neo bank with a next-gen stack, unbundling incumbents. They have tens of millions of customers and are expanding to the US. I'm considering buying secondaries.
Revolut MED
GavinSBaker Portfolio Manager, Atreides Management 34:57
Arya and Drivets lead AI networking reinvention.
Arya and Drivets are reinventing networking for AI data centers as chips become more specialized. They are solving the disaggregation of inference and pre-fill/decode. I've been involved publicly.
Arya Drivets MED
GavinSBaker Portfolio Manager, Atreides Management 35:52
Neurorobotics is a quiet European robotics winner.
Neurorobotics in Europe is an AI-powered logistics robotics company with $100M revenue, quietly successful. I like it.
Neuro Robotics MED
Jason Calacanis Angel Investor / Founder, LAUNCH 36:27
Vast wins in space stations.
Vast is building space stations and will win as SpaceX lowers launch costs. I invested directly.
Vast HIGH
Jason Calacanis Angel Investor / Founder, LAUNCH 36:43
Zipline dominates drone delivery economics.
Zipline is reinventing delivery with drones that drop tethers, reducing cost from $15 to $2. They have real-world data and success in Africa. I invested.
Zipline HIGH
Up Next
38:30
💥Los PRÓXIMOS 26 días HARÁN RICOS a los INVERSORES (Aquí te explico cómo)
El Arte de Invertir · Jun 07
12:40
The Bull Market Doesn't Peak Until 2028. Here's the Roadmap w/ Mark Newton
Milk Road Daily · Jun 07
11:29
OPEC+, Aviations Execs Address Iran War Impact at Duel Conferences
Bloomberg Markets · Jun 07
11:39
Is the Caribbean the Next Space Race Battleground?
Bloomberg Markets · Jun 07
35:07
[#RealMarket] US Interest Rate Hike Fear Reignites.. Samsung Electronics, SK Hynix Foreigner Futures Options Position Analysis "Will a Black Monday Crash Come?" | Mirae Asset Global Investments Director Choi Chang-gyu
815 Money Talk (815머니톡) · Jun 07

This All-In Podcast video, published June 07, 2026, features Brad Gerstner, Kelly Rodriques, GavinSBaker, Jason Calacanis discussing Sierra, Revolut, Arya, Drivets, Neuro Robotics, Vast, Zipline. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Brad Gerstner, Kelly Rodriques, GavinSBaker, Jason Calacanis  · Tickers: Sierra, Revolut, Arya, Drivets, Neuro Robotics, Vast, Zipline