All-In E29: Coinbase goes public, direct listings vs. IPOs, unions & more with Bestie Guestie Brad Gerstner
Episode 29 • 4/17/2021
Coinbase Direct Listing & IPO Discussion
- Group discussed Coinbase's successful direct listing, the largest ever
- Brad Gerstner explains that direct listings can provide better price discovery but may impact employee morale if stock trends down post-listing
- Chamath argues lockups are unfair to long-term employees while benefiting late-stage investors
- Brad describes how Grab's SPAC structure provided better economics than traditional IPO, potentially saving over $1B in costs
Amazon Union Vote & Labor Discussion
- Group discussed Amazon's Alabama warehouse union vote where 70% voted against unionization
- Sacks argues this validates that companies can succeed without submitting to "woke" pressure
- Chamath suggests unions need reinvention ("version 2.0") as current model is ineffective
- Discussion of differences between private and public sector unions, particularly around negotiating leverage
COVID Policies & Institutional Trust
- Group compared state-by-state COVID outcomes, noting similar death rates between California (strict lockdowns) and Florida (more open)
- Discussion of CDC/FDA credibility crisis over J&J vaccine pause and mixed messaging
- Friedberg predicts ~65% vaccination rate in US, notes COVID will likely remain endemic
Government & Tech Regulation
- Discussion of Josh Hawley's proposal to ban acquisitions by companies over $100B market cap
- Sacks argues this is "performative legislating" that would have major unintended consequences
- Brad and Chamath discuss potential "Invest America" initiative to give every American child $2000 investment account
Notable Quotes
Brad Gerstner on direct listings: "We've deconstructed the IPO at every step of the value chain... we've thought about it like a product."
David Sacks on unions: "There's a huge difference between private sector unions and public sector unions."