Justin Fishner-Wolfson - Secondary Investing in Private Markets

**Patrick O'Shaughnessy** (0:00)
This episode of Invest Like the Best is sponsored by Canallist. Canallist is the leading destination for public company data and analysis. I'd heard of Canallist over the past few years and became more interested after meeting the founder and CEO last year to pick his brain about SaaS businesses. Founded by a former buy-side analyst who encountered friction in sourcing, building and updating models, Canallist is now used by over 300 institutions, including the largest money managers in North America and by a number of guests on the show.
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Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, stories and strategies that will help you better invest both your time and your money. Invest Like the Best is part of the Colossus family of podcasts and you can access all our podcasts, including edited transcripts, show notes and other resources to keep learning at joincolossus.com.

**SPEAKER_3** (2:53)
Patrick O'Shaughnessy is the CEO of O'Shaughnessy Asset Management. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of O'Shaughnessy Asset Management. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Clients of O'Shaughnessy Asset Management may maintain positions in the securities discussed in this podcast.

**Patrick O'Shaughnessy** (3:18)
My guest today is Justin Fishner-Wolfson, co-founder of 137 Ventures, a venture capital firm that has raised four institutional funds with total assets under management of $1.5 billion. One of their strategies for accessing growth stage technology companies is to provide liquidity solutions to founders, investors, and employees of private businesses.
In our conversation, we discussed what early career experiences led Justin to start 137 Ventures, the counterintuitive information asymmetry between public and private markets, and the interesting trend of digitization in the physical world. I hope you enjoy my conversation with Justin. So, Justin, I think the best place to begin for those unfamiliar with 137 Ventures is to hear the thumbnail sketch of the founding story. Why did you start the business? What's unique about it in terms of how it's trying to earn great returns for its investors?

**Justin Fishner-Wolfson** (4:08)
What really happened was I was at Founders Fund in the early days, and I had a lot of friends from college who ended up at Facebook. If you kind of rolled the clock back to 2010, there was that Goldman Sachs round that valued the company at $50 billion. And I had a lot of friends who had all this wealth on paper. They owned all this stock and literally no money. And they didn't want to live with roommates anymore because they were probably getting married. And maybe they were going to have a kid. And at some point, if you're going to have roommates, you want it to be people that you're related to.