Venture Capital Secrets from Silicon Valley

Published on
December 8th, 2016
Duration
86 minutes

Macro Investor Merk Talks China and Changing Risk Sentiment


Venture Capital Secrets from Silicon Valley

The Interview ·
Featuring Josh Wolfe

Published on: December 8th, 2016 • Duration: 86 minutes

Macro manager Michael Green interviews Silicon Valley venture capitalist Josh Wolfe for Real Vision TV in a fascinating discussion, as Josh reveals where the capital is coming from that’s funding some of the most incredible technologies set to shake up the world. Bridging the ever narrowing gap between science fiction and sci-fact, Josh knows where the fast money is going as he outlines the incredible speed of development taking place right at the edge of the cutting edge.

Comments

  • PV
    Prakash V.
    19 September 2017 @ 23:45
    Can we have another in-depth interview with Josh that is focused on investing along the "edges of innovation" plz.
  • PV
    Prakash V.
    23 July 2017 @ 03:25
    Incredible stuff..well worth the subscription. Hope you guys bring these geniuses back for another interview. Would love to have more intel in the industries that are on the edge of innovation.
  • JH
    Joseph H.
    10 May 2017 @ 16:37
    I'm thinking NVDA on this day and those guys playing what appears to be video games.
  • WS
    William S.
    12 April 2017 @ 03:46
    Wow, this alone worth the initial buy in..I'm in!
  • WG
    Wayne G.
    1 January 2017 @ 05:59
    I am not worthy! What a great New Year's gift; thanks so much R & G!
  • DP
    Daniel P.
    28 December 2016 @ 21:04
    Awesome!
  • aD
    amol D.
    23 December 2016 @ 01:25
    That was one of the best vids on here so far! Outstanding!
  • KN
    Kaloyan N.
    21 December 2016 @ 18:01
    Re-watched...again...INSANE!
  • tW
    tgwtom W.
    17 December 2016 @ 17:11
    Just re-watched....WOWWWW.
  • AL
    Arthur L.
    17 December 2016 @ 02:28
    This is a brilliant data point (or points!). It's great RVTV is venturing outside of wall street bubble for new insights.
  • CM
    Carl M.
    15 December 2016 @ 02:50
    ...Limitless ..Starring Bradley Cooper
  • SL
    Steven L.
    14 December 2016 @ 18:40
    Wow! I didn't think this would be relevant because I can't invest in the space. The questions asked were stellar and the responses have me thinking about much more than investing. For example perhaps my city should investigate where transportation is headed before investing in light rail.
  • sf
    santiago f.
    14 December 2016 @ 11:28
    This is why I love connecting to RVTV !
  • DL
    Derek L.
    14 December 2016 @ 01:17
    These guys are smart and really interesting to listen to. Great stuff RV. Open borders being a net positive for the country is somewhat naive IMO
  • AH
    Aaron H.
    13 December 2016 @ 14:41
    Entertaining think piece.i would like to see another segment dedicated to the topic of productivity impacts.
  • CH
    Calvin H.
    13 December 2016 @ 01:03
    I really liked this piece and watched it over three days. I will have my son watch it. I must say that on the last day, and 27min, it did seem like I was watching the 0.01%
  • NS
    Nico S.
    12 December 2016 @ 02:24
    What an absolute treat to watch. Where else can you hear cutting edge topics that can profoundly impact our lives.
  • RP
    Raoul P. | Founder
    11 December 2016 @ 13:41
    Conversation Porn. Exactly right. Brilliant stuff.
  • CA
    Craig A.
    11 December 2016 @ 06:58
    This was converstaion porn. Dont really know how else to phrase it. Towards the end of the talk they talk about idle cars being parked. So glad he brought it up as I really have envisioned a world where we don't really own large assets but rent/lease it based upon time. Great minds definitely would love more discussions like this.
  • TS
    Todd S.
    11 December 2016 @ 04:10
    Brilliant conversation, I had to pause halfway through to dig up the James Burke series on YouTube. Binge watched the Connections series and then came back here to finish up the episode. Thank you for the historical journey that consumed my entire Saturday. Great work.
  • GA
    Giedrius A.
    10 December 2016 @ 16:29
    Great minds, unbelievable content. They give so many new ideas for entrepreneurs to create new businesses. Love every minute from the bottom of my heart. Thank you RV.
  • TW
    Thomas W.
    10 December 2016 @ 09:31
    This is a masterpiece! Thank you RV for bringing these two friends together. The breadth and quality of the discussion was mind-blowing and I cannot wait to have them back,maybe they want to elaborate a bit on why CAPM and beta are such b/s. It is something I feel strongly about too but cannot put into words well, and these guys really have a way with words. I was thinking about the Mauboussin quote though. If you can fail on purpose, skill is involved. Well, well.. How about Yahtzee? You can surely fail on purpose, but the amount of skill is really negligible. Therein lies the rub for the stock market game: like Yahtzee, you can easily fail on purpose, but there is very little except avoiding mistakes that you can do for edge. The Adam Grimes interview nailed this I think, and I highly recommend it in addition to everything with Michael Green.
  • DS
    David S.
    9 December 2016 @ 23:11
    One of the best! Must watch three or four times. Thanks to both of you. One very small point: I would like to appeal to Mr. Wolfe's scientific background that global warming should not just be put on the back burner. Many tons of carbon dioxide - natural and human - are being added to the atmosphere each year . It is also basic science that the more carbon dioxide in the atmosphere the greater the atmospheric heat retention. Since understanding climate change will take a long time, we need to address it and realistic short-term solutions while the research is ongoing. We do not need to be fanatics, but long-term problems take long-term efforts to solve. Certainly Mr. Wolfe does not need to address climate change himself, but I hope that he would not suggest that it should be put on the back burner.
  • LC
    Liliana C.
    9 December 2016 @ 21:51
    Absolutely brilliant minds! Brilliant of Grant to have this be a conversation among friends rather than an interview by an RVTV interviewer.
  • BK
    Brian K.
    9 December 2016 @ 19:21
    Great week for RVTV. Wish we could have heard more of the NVDA, GPU thesis.
  • DM
    Daniel M.
    9 December 2016 @ 17:06
    Michael Green is so smart and cool. I would do ANYTHING he asked of me.
  • JM
    Justin M.
    9 December 2016 @ 16:43
    Brilliant conversation. I think the different skill sets of these two makes this piece particularly interesting. Cutting edge innovation coupled with a macro take makes for a very capitvating conversation. Well done guys.
  • JV
    JACK V.
    9 December 2016 @ 15:34
    Fantastic interview. Thank you. That being said, I was intrigued by Josh's presumed certainty ("I'm sure...") when he asserted that "people" would prefer to be a marketing/advertising exec for a dot-com than a construction worker. Makes me wonder how much more prescient the speaker could be if he were more familiar with the preferences of people outside of NYC or SF (and or tech/academia). The people who prefer construction work to dot-com advertising jobs may not be architects of the future, but we have all recently learned a valuable lesson (election) on the perils of assuming what their preferences are (or should be).
  • NM
    Nick M.
    9 December 2016 @ 15:05
    Excellent
  • GW
    Grant W. | Founder
    9 December 2016 @ 14:57
    James Burke was a science God in the UK in the 1970s! Great series and available on YouTube so find 'em and watch 'em. You'll love 'em @Michael G - wear that grey hair with pride my friend!
  • MG
    Michael G. | Contributor
    9 December 2016 @ 14:03
    Connections https://en.wikipedia.org/wiki/Connections_(TV_series) This is the correct one... we're both old...
  • AC
    Andrew C.
    9 December 2016 @ 11:17
    anybody got more detail on that series - 'connections'? not a very unique name, and google returns one from 1978 (associated with the book)
  • PC
    Peter C.
    9 December 2016 @ 06:00
    2 really bright guys with 1 being the fastest talker I ever listen to for +1 hour straight. I love the way they share how tech has changed & will change our lives from the more obvious use of google on our mobile phones (sorry, multi-dimensional small & portable device that is used as a phone, camera, computer, content creator, basis for multi-million operational business....) to the new thousands of satellites up there capturing billions of data elements being analyzed to the we don't know what or how but we do know tech and creativity will bring us major game changers at unbelievably more and more rapid pace.
  • JS
    John S.
    9 December 2016 @ 03:40
    Fabulous
  • JH
    Joe H.
    9 December 2016 @ 03:10
    *interesting.
  • JH
    Joe H.
    9 December 2016 @ 03:09
    These two are scary smart. Very interested.
  • tW
    tgwtom W.
    8 December 2016 @ 23:39
    Real Vision is doing it's part to help us try and find a little piece of our own genius.
  • WB
    Wes B.
    8 December 2016 @ 23:00
    Ummmm.... Those 2 guys are really intelligent. Great piece.
  • DK
    Damian K.
    8 December 2016 @ 21:57
    Loved every minute of this discussion
  • Sv
    Sid v.
    8 December 2016 @ 21:27
    "I don't believe in the Great Man Theory of History"....... "Find the smart guy and back him, nothing else matters"....??
  • Sv
    Sid v.
    8 December 2016 @ 20:59
    shockingly informational interview!
  • DM
    Dean M.
    8 December 2016 @ 20:14
    Brilliant. Please bring them both back on a regular basis!
  • AH
    Andreas H.
    8 December 2016 @ 20:04
    Wow!
  • BB
    Bill B.
    8 December 2016 @ 18:38
    Will FPGAs provide competition for GPUs? Altera/Intel, Xillinx
  • JG
    Jasper G.
    8 December 2016 @ 18:00
    Thank you, RV. It was absolutely inspiring and educative.
  • BB
    Brian B.
    8 December 2016 @ 17:54
    Mind. Blown. Simply brilliant.
  • SS
    Stephen S.
    8 December 2016 @ 17:35
    So interesting and so well expressed. Thanks.
  • IJ
    Ian J.
    8 December 2016 @ 16:53
    hmmm...."Unless you're a real business with cash flow, which is super rare"
  • CP
    Charles P.
    8 December 2016 @ 16:19
    I continue to marvel at the genius that RV uncovers and brings to the attention of the subscribing audience. Again and again, we hear fresh perspectives and fresh ways of thinking which are well honed. This conversation brought together in one place so much of what I value about my RV subscription. What a gift. Thank you Raoul, Grant, and all the interviewers and interviewees!
  • KO
    Kieran O.
    8 December 2016 @ 14:23
    I would love to see more videos like this with a stronger focus on science and technology. I did my graduate work in meta-materials a few years ago. Nice to hear someone talk about it on Real Vision.

Mark Yusko

Morgan Creek Capital Management, Co- Founder, CEO, & CIO

Mark Yuskois the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management. He is also the Managing Partner of Morgan Creek Digital Assets. Morgan Creek Capital Management was founded in 2004 and currently manages close to $2 billion in discretionary and non-discretionary assets. Prior to founding Morgan Creek, Mr. Yusko was CIO and Founder of UNC Management Company (UNCMC), the Endowment investment office for the University of North Carolina at Chapel Hill. Before that, he was Senior Investment Director for the University of Notre Dame Investment Office.Mr. Yusko has been at the forefront of institutional investing throughout his career. An early investor in alternative asset classes at Notre Dame, he brought the Endowment Model of investing to UNC, which contributed to significant performance gains for the Endowment. The Endowment Model is the cornerstone philosophy of Morgan Creek, as is the mandate to Invest in Innovation. Mr. Yusko is again at the forefront of investing through Morgan Creek Digital Assets, which was formed in 2018. Morgan Creek Digital is an early stage investor in blockchain technology, digital currency and digital assets through the firm’s Venture Capital and Digital Asset Index Fund.Mr. Yusko received a BA with Honors from the University of Notre Dame and an MBA in Accounting and Finance from the University of Chicago.

Anthony Scaramucci

SkyBridge Capital, Founder & Co-Managing Partner

Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman, LLC in 2001. Earlier, he was a vice president in Private Wealth Management at Goldman Sachs & Co. In 2016, Scaramucci was ranked #85 in Worth Magazine’sPower 100: The 100 Most Powerful People in Global Finance. In 2011, he received Ernst & Young’s “Entrepreneur of the Year –New York” Award in the Financial Services category. Anthony is amember of the Council on Foreign Relations (CFR), vice chair of the Kennedy Center Corporate Fund Board, a board member of both The Brain Tumor Foundation and Business Executives for National Security (BENS), and a Trustee of the United States Olympic & Paralympic Foundation. He was a member of the New York City Financial Services Advisory Committee from 2007 to 2012. In November 2016, he was named to President-Elect Trump’s 16-person Presidential Transition Team Executive Committee. In June 2017, he wasnamed the Chief Strategy Officer of the EXIM Bank. He served as the White House Communications Director for a period in July 2017. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Michael Saylor

MicroStrategy, Co-Founder

Mr. Saylor is a technologist, entrepreneur, business executive, philanthropist, and best-selling author. He currently serves as Chairman of the Board of Directors and Chief Executive Office of MicroStrategy, Inc. (MSTR). Since co-founding the company at the age of 24, Mr. Saylor has built MicroStrategy into a global leader in business intelligence, mobile software, and cloud-based services. In 2012, he authoredThe Mobile Wave: How Mobile Intelligence Will Change Everything, which earned a spot onThe NewYork TimesBest Sellers list. Mr. Saylor attended the Massachusetts Institute of Technology, receiving an S.B. in Aeronautics and Astronautics and an S.B. in Science, Technology, and Society.

Alex Saunders

Nugget's News, Founder & CEO

Alex Saunders is the founder and CEO of Nugget’s News, a digital media company focused on all things crypto. Alex has been captivated by cryptocurrency since 2012 and in 2017 he began educating globally on the benefits of cryptocurrency and how to safely acquireit. Nugget’s News has been listed as a top-20 podcast by Business Insider, ShapeShift and Lifehacker and has over 120k YouTube subscribers with 9 million total views.Alex is also heavily focused on his cryptocurrency education platform Collective Shift which currently serves over 4,500 members. provides his unique perspectives by utilising his expertise in fundamental analysis, technical analysis and market sentiment. He is working towards his mission of making it easier for everyone to understand the financial world.

James Putra

TradeStation Crypto, Inc., Sr. Director of Product Strategy

James helped launch TradeStation Crypto’s offeringwhichutilizesa true online brokerage model that self-directed investors and traders have come to expect for equities, futures,and foreign currency markets. He is a reputed crypto asset specialist and blockchain thought leader focused on helping people find innovativeways to participate in this space. He is active in the blockchain community with speaking engagements, TV appearances and mentoring.James has over 15 years of experience in the Fintech industry.

Raoul Pal

Real Vision, Co-Founder & CEO

Raoul Pal is the Co-Founder and CEO of Real Vision, the world’s pre-eminent financial media platform, which helps members understand the complex world of finance, business, and the global economy. Real Vision members also have access to Real Vision Crypto, a cryptocurrency and digital assets video channelwatched by over 80,000 people.In addition, Raoul has been publishing Global Macro Investor since January 2005 to provide original, high quality, quantifiable and easily readable research for the global macro investment community hedge funds, family offices, pension funds and sovereign wealth funds. It draws on his considerable 31 years of experience in advising hedge funds and managing a global macro hedge fund. Global Macro Investor has one of the very best, proven track records of any newsletter in the industry, producing extremely positive returns in eight out of the last twelve years. He retired from managing client money at the age of 36 in 2004 and now lives in the tiny Caribbean island of Little Cayman in the Cayman Islands. Previously he co-managed the GLG Global Macro Fund in London for GLG Partners, one of the largest hedge fund groups in the world. Raoul moved to GLG from Goldman Sachs where he co-managed the hedge fund sales business in Equities and Equity Derivatives in Europe. In this role, Raoul established strong relationships with many of the world’s pre-eminent hedge funds, learning from their styles and experiences. Other stop-off points on the way were NatWest Markets and HSBC, although hebegan his career by training traders in technical analysis.

Peter McCormack

What Bitcoin Did, Journalist

Peter McCormack is a full timejournalist/podcaster covering topics such as Freedom, Human Rights, Censorship and Bitcoin. Peter created and hosts the What Bitcoin Did Podcast, a twice-weekly Bitcoin podcast where he interviews experts in the world of Bitcoin development, privacy, investment and adoption. Launched in November of 2017, the podcast has grown to over 100 episodes with a guest list that is a testament to the diversity of knowledge and opinions that represent the broader Bitcoin community. Expanding his growing list of humaninterest recordings, documentaries and films Peter has recently launched theDefiancepodcast andDefianceTV.

Caitlin Long

Avanti Financial Group, Founder & CEO

22-year Wall Street veteran who has been active in bitcoin and blockchain since 2012. In 2018-20 she led the charge to make her native state of Wyoming an oasis for blockchain companies in the US, where she helped Wyoming enact 20 blockchain-enabling laws. From 2016-18 she jointly spearheaded a blockchain project for delivering market index data to Vanguard as chairman and president of Symbiont, an enterprise blockchain start-up. Caitlin ran Morgan Stanley’s pension solutions business (2007-2016), heldsenior roles at Credit Suisse (1997-2007) and began her career at Salomon Brothers (1994-1997). She is a graduate of Harvard Law School (JD, 1994), the Kennedy School of Government (MPP, 1994) and the University of Wyoming (BA, 1990).

Hunter Horsley

Bitwise Asset Management, CEO

Hunter Horsley is Chief Executive Officer of Bitwise Asset Management. Prior to Bitwise, he was a product manager at Facebook, working on advertiser products including the multibillion-dollar sponsored content ecosystem and ad breaks in videos. Before Facebook, Horlsey was a product manager at Instagram, responsible for multiple advertising products generating several hundred million dollars of revenue. He is a graduate of the Wharton School at the University of Pennsylvania, with a B.S. in economics. Recently, Horsley was named a member of Forbes’ 2019 “30 Under 30” list.

Luke Gromen

Forest For The Trees, Founder & President

Luke Gromen has 25 years of experience in equity research, equity research sales, and as a macro/thematic analyst.He is the founder and president of macro/thematic research firm FFTT, LLC, which he founded in early 2014 to address and leverage the opportunity he saw created by applying what clientsand former colleagues consistently described as a “unique ability to connect the dots” during a time when he saw an increasing “silo-ing” of perspectives occurring on Wall Street and in corporate America.FFTT caters to institutions and sophisticated individuals by aggregating a wide variety of macroeconomic, thematic and sector trends in an unconventional manner to identify investable developing economic bottlenecks for his clients.Prior to founding FFTT, Luke was a founding partner of Cleveland Research Company, where he worked from 2006-14.At CRC, Luke worked in sales and edited CRC’s flagship weekly thematic research summary piece (“Straight from the Source”)for the firm’s clients.Prior to that,Luke was a partner at Midwest Research, where he worked in equity research and sales from 1996-2006.While in sales, Luke was a founding editor of Midwest’s widely-read weekly thematic summary (“Heard in the Midwest”) for the firm’s clients, in whichhe aggregated and combined proprietary research from Midwest with inputs from other sources.Luke Gromen holds a BBA in Finance and Accounting from the University of Cincinnati and received his MBA from Case Western Reserve University.He earned the CFA designation in 2003.

Meltem Demirors

CoinShares, Chief Strategy Officer

Meltem Demirors is Chief Strategy Officer of CoinShares, an investment firm that manages billions in assets on behalf of a global investor base, and is a trusted partner to investors and entrepreneurs navigating the digital asset ecosystem. Meltemoversees the firm’s managed strategies group and its New York office and leads corporate development. Previously, she was part of the founding team of Digital Currency Group. As a veteran investor in the digital currency space, she has invested in over 250 companies in the ecosystem. Meltem is passionate about education and advocacy, and teaches the Oxford Blockchain Strategy Programme and co-chairs the WEF Cryptocurrency Council.