E279: Why Size Becomes the Enemy of Venture Returns w/Logan Allin

The conversation centers on the evolving landscape of venture capital and private markets, particularly the challenges and opportunities arising from companies staying private longer. Logan Allin from Fin Capital shares insights on the increasing use of secondaries as exits for early-stage VCs and the inefficiencies present in the late-stage pre-IPO secondary market, which Fin Capital aims to capitalize on. Allin expresses concern over the trend of retail investors entering venture capital due to the misalignment of incentives and the asset class's inherent risks, suggesting late-stage opportunities are more suitable for them. He also presents a contrarian view on OpenAI's business model, questioning its long-term viability. The discussion further explores strategies for generating alpha, emphasizing the importance of contrarian thinking, specialization, and providing value beyond capital.