20VC: Investing Lessons from FC Seeding Uber, Airtable and Coupang | Why Pro Rata is the Original Sin in VC | Why Liquidity Has Died in 2024 | Why LPs are Pissed with VCs | The Hard Truth About Seed Fund Economics with David Frankel @ Founder Collective

2128.364 - 2151.158 David Frankel

Yeah. So, you know, it's elusive like in your high flyers. So in your really well-known companies, there's a real secondary market. Try to get secondary in your smaller private company. It's almost impossible. So I found secondary to be very, very difficult. Where we've done secondary, they've been pre-IPO, really high flyers, the secondary markets all over them, and then you fall off a cliff.