00:53:55 · Jordi Hays, John Coogan
[00:53:55] S1: Yeah. So I would expect that hopefully this month. [00:53:57] S0: So you think you think you'll be able to buy a Roadster and get it delivered before you'll be able to buy a Cybercab and get it delivered? [00:54:03] S1: I never said I thought you could ever get a Roadster delivered. [00:54:06] S0: You just think it's never gonna come? [00:54:08] S1: No. No. No. But but I would assume if they're gonna do a demo [00:54:11] S0: Yeah. [00:54:12] S1: Then we're still over a year out [00:54:14] S0: Yeah. From delivery Yeah. At least. I mean, just from a financial position, Cybercab makes so much more sense as a business than Roadster. Roadster, I mean, even at $250,000 for the crazy specs, it's still like there aren't that many buyers that want that. A lot of people that are spending $250,000, they want a manual, they want an experience, they want a weekender. They don't necessarily There's want so [00:54:34] S1: many buyers for the Roadster There will be. At least where we are. [00:54:37] S0: There will be. But we're talking about so many buyers, oh, 10,000 cars a year or something. It's not the way people get around Yeah. Every day like taxis. You know? Like, it's just completely different TAM, completely different situation in general. So I don't know. I I might go well, I I'm shaving this side of the head if it's Cybercab first, this side of the head if it's Roadster first, and I think I'll have a head of hair for over a year. [00:55:04] S1: Oh, I thought you were talking still about time.
00:55:04 · Jordi Hays, John Coogan
[00:55:04] S1: Oh, I thought you were talking still about time. [00:55:06] S0: Oh, yeah. Yeah. Yeah. No. We'll we'll we'll do something. There there's other there's other Cybercab videos. They're very fun. Go check them out. Tested Cybercab without a steering wheel or pedals drove us for thirty minutes on a pretty busy Thursday night in Austin, Texas. The 4.7 mile ride cost $9.62 starting tomorrow at 5PM. Anyone in Austin can hail a Cybercap for themselves. Nothing can compare to this. Well, I mean, can compare Waymo to it, but I I guess it's it's it's good that it's rolling out and we are entering the duopoly phase of of full self driving [00:55:43] S1: Cybercabs. In the California Post [00:55:47] S0: Yes. [00:55:49] S1: We were gonna do the mansion section this week as we do, but unfortunately We'll come back. There is a mansion shortage Okay. In San Francisco. AI is minting a new class of millionaires in SF and they're running out of mansions to buy a wave of wealth tied to the city's booming AI industry, sending home prices soaring, triggering bidding wars with as many as 50 offers and leaving even buyers armed with 25,000,000 in cash out in the cold. [00:56:15] S0: Woah.
00:56:15 · John Coogan, Jordi Hays
[00:56:15] S0: Woah. [00:56:15] S1: Frenzy marks a stunning turnaround for a city whose housing market slumped during the pandemic as tech workers scattered and offices emptied. Mhmm. Now AI companies are rapidly expanding, employees are returning to their desks, and startups are generating enormous paper wealth for workers and investors with potentially even larger windfalls ahead. I looked on Compass Mhmm. There are only 14 homes in SF on Compass over 10,000,000. And some of them are like duplicates Yeah. Some aren't even like Mhmm. Some aren't single family homes. You just [00:56:50] S0: have to be bullish on on places that are further away from actual San Francisco. Like you look at what happened with Mill Valley and you have to imagine that with self driving, one a one hour commute to a man's [00:57:05] S1: And Chinese quad copter drones [00:57:08] S0: And for robotic horses. Don't forget about those. There's just going to be more tolerance for a longer commute that where if your commute is you're fully on your laptop, basically. Or you're or you're basically talking to your AI agent. And yeah, maybe you're ready to take over once a month briefly, but 99% of your miles on your commute. Yes, you have an hour commute, which sounds ridiculous when you're living in a mansion, but you're you're being very productive catching up on all your emails, really going back with all your coworkers, hopping on phone [00:57:48] S1: calls Yeah. Hopping on a Zoom saying nothing from my end.
00:57:48 · Jordi Hays, John Coogan, Hunter Somerville
[00:57:48] S1: calls Yeah. Hopping on a Zoom saying nothing from my end. [00:57:50] S0: It's going to be electric. The future is here. This changes everything. Well, our next guest our first guest is Hunter Somerville from Stepstown Group. He's part of you there. He has his first appearance on the show, so we'll bring him in to this evening in Ultradome. What's going on? Hunter, how are doing? [00:58:07] S3: Great. How are you guys? [00:58:08] S0: We're doing Happy early Labor Labor [00:58:12] S1: Day or or or holidays three day weekends in general have actually been a key part of understanding the AI cycle Yeah. Because when people get a holiday weekend, they have a little bit more time to actually like try some of the new tools. And we've actually seen these like longer weekends catalyze Adoption. Adoption. Just like understanding. Yeah. Understanding. [00:58:34] S0: But let's start by trying to understand your career. It's your first time on the show. I would love to kick it off with a little bit of introduction on yourself and Stepdunk. [00:58:44] S3: Happy to. Thank you. So I'm a Baltimore guy, born and raised. Plenty of mansions in Baltimore for anyone who's looking on the venture side. That's right. Just putting that pitch out there. There [00:58:54] S0: you go.
00:58:54 · John Coogan, Hunter Somerville
[00:58:54] S0: you go. [00:58:55] S3: And I was a partner at Greenspring Associates, which Stepstone acquired about five and a half years ago. And now I'm one of the co heads of the Venture and Growth Equity Group under Stepstone. Stepstone is a publicly traded company. It has different asset class teams across real estate, PE, and venture. I only do venture and growth equity within the organization. Mhmm. And our group does fund, direct, and secondary investing, so we mix all three together, which is a pretty unique Yeah. Position to be in. We back who we think are some of the most interesting early stage GPs out there that invest its seed in Series A, and then we come in and invest in companies at BCD rounds, either through primary or secondary purchases after the fact. We leverage the ecosystem and the relationships to then identify the companies we want to build concentration in. [00:59:47] S0: What is the Venn diagram of look through exposure via your fund investments and your primary and secondary your growth equity and your secondaries business? Because I imagine that there's already some sort of relationship. The company has been scouted. There's a growing relationship and then you're ready to do a direct or a secondary transaction. Is that usually how it plays out?
00:59:47 · John Coogan, Hunter Somerville
[00:59:47] S0: What is the Venn diagram of look through exposure via your fund investments and your primary and secondary your growth equity and your secondaries business? Because I imagine that there's already some sort of relationship. The company has been scouted. There's a growing relationship and then you're ready to do a direct or a secondary transaction. Is that usually how it plays out? [01:00:12] S3: You've completely nailed it. That's exactly right. We work with over 300 venture and growth managers, which probably feels like a lot. But it's great from an ecosystem standpoint because when we're looking at a company, we have three, four, five different managers Mhmm. Already as part of that syndicate that are sitting around the board table that are actively working with the founders and gives us tremendous insight on those businesses that we would like to do more with and invest directly into. [01:00:38] S0: Yeah. [01:00:38] S3: If you segment our business, it's about fiftyfifty between direct and fund investing. And secondary is a little more complicated because that includes both fund and direct secondaries that we do where we provide liquidity to people within the cap table of a business or we provide liquidity to endowments, foundations, pension funds, whoever else may want to sell LP interests that they hold in funds. [01:01:03] S0: Got it. Yeah.