Podcast appearances and mentions of Peter Walker

Is it true that founders should still own 50% of a company after a Series A fundraising round? Is 10% ownership at IPO a win or a loss? This episode delves into the topic of dilution, breaking down how much of your company you should sell at each stage, how to approach employee and advisor equity, and what employees should know about equity before taking a job. To answer these questions is Peter Walker, Head of Insights at Carta, and someone with a strong read on where the private tech market is headed. He and CJ also discuss when the best time to join a startup is and which cities outside of New York and San Francisco are desirable for people in this space. Peter shares insight into the state of the markets in 2025: What is happening with bridge rounds and down rounds, the odds of making it from seed to Series A, and the most telling statistic: AI funding.—LINKS:Peter Walker on LinkedIn: https://www.linkedin.com/in/peterjameswalker/Carta: https://carta.com/Carta's Founder Ownership Report 2025: https://carta.com/data/founder-ownership/Carta's published data reports: carta.com/dataCJ on X (@cjgustafson222): https://x.com/cjgustafson222Mostly metrics: http://mostlymetrics.com—TIMESTAMPS:(00:00) Preview and Intro(02:33) Sponsor – Pulley | Tropic | NetSuite(07:17) Head of Insights at Carta(09:32) The Users of Carta(12:20) Multiplayer Finance and Serving Both Sides(16:24) Sponsor – Planful | Tabs | Rippling Spend(20:15) Dilution: How Much Ownership You Should Give Up at Each Stage(23:02) What SAFEs Are(24:31) The Median Amount of Ownership for a Founding Team After the Series A(26:21) Should You Still Own 50% of the Company After Series A(27:18) Is 10% Ownership for a Founder at IPO Normal?(30:41) The Other Form of Dilution: Employee Equity Grants(34:25) What Employees Should Know About Equity Before Taking a Job(37:51) Why Equity Is Not Money(38:54) ISOs Versus RSUs(40:43) The Best and Worst Risk-Adjusted Time To Join a Startup(44:48) Remuneration by Location in Private Tech(47:39) Equity Comp by Location(48:43) Advisor Equity by Stage(51:28) Bridge Rounds Versus Down Rounds in the Last 6–12 Months(55:36) Survival Rates From Seed to Series A to Series B(57:36) The Best Time of Year To Fundraise(59:05) The Typical Age of a Startup When It's Acquired or It Exits(01:03:19) The State of the Market in 2025: AI Funding(01:06:18) Wrap—SPONSORS:Pulley is the cap table management platform built for CFOs and finance leaders who need reliable, audit-ready data and intuitive workflows, without the hidden fees or unreliable support. Switch in as little as 5 days and get 25% off your first year: pulley.com/mostlymetrics.Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. Take control of your spend with intelligent spend management at tropicapp.io/mostlymetrics.NetSuite is an AI-powered business management suite, encompassing ERP/Financials, CRM, and ecommerce for more than 41,000 customers. If you're looking for an ERP, head to https://netsuite.com/metrics and get the CFO's Guide to AI and Machine Learning.Planful's financial planning software can transform your FP&A function. Built for speed, accuracy, and confidence, you'll be planning your way to success and have time left over to actually put it to work. Find out more at www.planful.com/metrics.Tabs is a platform that brings all of your revenue-facing data and workflows - billing, AR, payments, rev rec, and reporting - onto a single system so you can automate and be more flexible. Find out more at: tabs.inc/metrics.Rippling Spend is a spend management software that gives you complete visibility and automated policy controls across every type of spend, saving you time and money. Get a demo to see how much time your org would save at rippling.com/metrics.#dilution #equity #stateofthemarket #privatetech #carta Get full access to Mostly metrics at www.mostlymetrics.com/subscribe

Carta just released their report for Q1 2025. Peter is Head of Insights at Carta, and the person who owns their data practice. We sit down to talk about the largest trends he saw across fundraising, industries, graduation rates and even hiring practices. Carta data shows that graduation rates from Seed to A are as low as they've ever been. Bridge rounds make you even less likely to raise an A. And why seed-strapping might be an answer for many founders. VCs read and understand all this data. If you want to operate on equal footing— you should too.Why you should listen:What the Series A gap is and what do about it.Learn what the latest data says on valuations for seed and early-stage companies, round sizes etc.Why bridges and extensions have become so popular. Why bridge rounds have lower graduation rates to Series A.Why you might not need to move to the Bay Area to raise large rounds.Keywordsventure capital, AI, fundraising, market trends, valuations, startup ecosystem, early stage, late stage, investment, venture capital, bridge rounds, seed extensions, startup growth, hiring practices, AI impact, early stage funding, market trends, valuations, exitsSend me a message to let me know what you think!

In this week's Espresso Martini, Chris and Matt dig into a wave of elections across the UK, Canada, and Australia, exploring what they signal for populist movements, center-left parties, and Trump-style politics beyond US borders. They break down the rise of Reform UK, growing concerns over Nigel Farage's influence, and why British voters seem caught in a cycle of backlash politics. Then, a pair of liberal wins in Canada and Australia suggest that even the faintest whiff of Trumpism remains a liability overseas. Finally, they dissect the demotion of Mike Waltz, explain why combining the roles of secretary of state and national security advisor is historically fraught, and ask whether the Trump White House has learned anything—or simply become more ruthless in its chaos. All that, plus Larry the Cat for PM, the specter of Musk in British politics, and an earnest thank-you to recent reviewers. Subscribe and share to stay ahead in the world of intelligence, geopolitics, and current affairs. Please share this episode using these links Audio: https://pod.fo/e/2d365f YouTube: https://youtu.be/fenomGCz6Ys Articles discussed in today's episode “Farage claims Reform UK local election gains ‘beginning of the end' for Tories" by Peter Walker, Eleni Courea, and Kiran Stacey | The Guardian: https://www.theguardian.com/politics/2025/may/02/farage-reform-uk-local-elections-beginning-of-the-end-for-tories "Does Farage own the future?" by Andrew Marr | The New Statesman: https://www.newstatesman.com/politics/uk-politics/2025/05/does-farage-own-the-future "First Canada, Now Australia: The Trump Factor Boosts Another World Leader in an Election" by Mike Cherney | The Wall Street Journal: https://www.wsj.com/world/first-canada-now-australia-the-trump-factor-boosts-another-world-leader-in-a-close-election-bef1c5a1 “Inside Mike Waltz's White House Exit" by Isaac Stanley-Becker, Ashley Parker, Jonathan Lemire & Shane Harris | The Atlantic: https://www.washingtonpost.com/politics/2025/05/03/waltz-trump-israel "Inside Waltz's ouster: Before Signalgate, talks with Israel angered Trump" by Michael Birnbaum, John Hudson, Emily Davies, Sarah Ellison & Natalie Allison | The Washington Post: https://www.theatlantic.com/politics/archive/2025/05/mike-waltz-trump-fired/682660 Support Secrets and Spies Become a “Friend of the Podcast” on Patreon for £3/$4: https://www.patreon.com/SecretsAndSpies Buy merchandise from our Redbubble shop: https://www.redbubble.com/shop/ap/60934996 Subscribe to our YouTube page: https://www.youtube.com/channel/UCDVB23lrHr3KFeXq4VU36dg For more information about the podcast, check out our website: https://secretsandspiespodcast.com Connect with us on social media Bluesky: https://bsky.app/profile/secretsandspies.bsky.social Instagram: https://instagram.com/secretsandspies Facebook: https://facebook.com/secretsandspies Spoutible: https://spoutible.com/SecretsAndSpies Follow Chris and Matt on Bluesky: https://bsky.app/profile/chriscarrfilm.bsky.social https://bsky.app/profile/mattfulton.net Secrets and Spies is produced by F & P LTD. Music by Andrew R. Bird Photos by Daniel Torok/White House Secrets and Spies sits at the intersection of intelligence, covert action, real-world espionage, and broader geopolitics in a way that is digestible but serious. Hosted by filmmaker Chris Carr and writer Matt Fulton, each episode unpacks global events through the lens of intelligence and geopolitics, featuring expert insights from former spies, authors, and analysts.

Months after the Boston Massacre, British Americans calling themselves "Regulators" launch a rebellion in western North Carolina that threatens to engulf the colony in revolution and civil war. Featuring: Abby Chandler, Marjoleine Kars, Cynthia Kierner, and Nathan Schultz. Voice Actors: Sarah Donelson, Evan McCormick, Norman Rodger, John Terry, and Peter Walker.  Narrated by Dr. Jim Ambuske. Music by Artlist.io This episode was made possible with support from a 2024 grant from the National Endowment of the Humanities.  Help other listeners find the show by leaving a 5-Star Rating and Review on Apple, Spotify, Podchaser, or our website. Follow the series on Facebook or Instagram. Worlds Turned Upside Down is a production of R2 Studios at the Roy Rosenzweig Center for History and New Media at George Mason University.

Peter Walker is 94 and is a great-great grandfather. He's lived in Petersfield for 63 years and was once the Head of English at TPS. With a week to go to VE80, he speaks about what it was like in war times as a child, evacuated twice and the particular fears he had of bombing. After the war he studied French and German and lived in Germany to understand more and draws a distinction between the Nazi regime and the German people. He recalls VE Day in 1945, cycling to a party and the band playing Colonel Bogey. See omnystudio.com/listener for privacy information.

Neil Saravanamuttoo is the director of CitySHAPES. He was previously the chief economist of the G20's Global Infrastructure Hub and an executive in the Department of Finance Canada.CitySHAPES is working to make cities better by sparking and implementing the change they need to become healthier, greener, and more vibrant cities where everyone can thrive. They do this by working with partners in leading groundbreaking policy, advocacy, and community engagement work on key challenges faced by Canadian municipalities.Links:CitySHAPES: https://cityshapes.ca/BOOK Happy City by Charles Montgomery: https://happycities.com/the-bookBOOK The Miracle Pill by Peter Walker: https://www.indigo.ca/en-ca/the-miracle-pill/66a39acb-a0e9-333d-897d-f212ffcdcb70.htmlBOOK Broken City by Patrick M. Condon: https://www.ubcpress.ca/broken-cityBOOK Building the Cycling City by Melissa and Chris Bruntlett: https://urbancyclinginstitute.org/building-the-cycling-city-the-dutch-blueprint-for-urban-vitality/ARTICLE Suburban expansion costs increase to $465 per person per year in Ottawa: https://www.cbc.ca/news/canada/ottawa/urban-expansion-costs-menard-memo-1.6193429ARTICLE When Mothers are Active so are their Children: https://www.sciencedaily.com/releases/2014/03/140324090408.htmARTICLE The economic burden of physical inactivity: a global analysis of major non-communicable diseases: https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(16)30383-X/abstract#au40ARTICLE The Price of Inactivity: Measuring the Powerful Impact of Sport, Physical Activity, and Recreation in Canada: https://measuring-impact.ca/wp-content/uploads/2023/11/CFLRI-CPRA_Price-Inactivity-Full-Report-EN-FINAL.pdfARTICLE Impact of minimum parking requirements for multi-family residential buildings on housing affordability and sustainability: https://assets.cmhc-schl.gc.ca/sf/project/archive/housing_organizations4/impact-of-parking-requirements-on-housing-affordability_final-report.pdf---- Please subscribe to the Sports for Social Impact Podcast wherever you get your podcast! Leave us a review and a 5 star rating to help bring others in the world of sports into the conversation! The Sports for Social Impact podcast was nominated for a Sports Podcast Award and Canadian Podcast Award.Send us an email at ⁠sportsforsocialimpact@gmail.com⁠ Linktree: ⁠https://linktr.ee/sportsforsocialimpact⁠Linkedin: ⁠https://www.linkedin.com/company/sports-for-social-impact⁠Follow us on Instagram (@SportsSocImpact) Visit our website at https://www.sportsforsocialimpact.com/

Labour was gambling on growth, but with stubbornly gloomy forecasts can they cut their way out of an economic hole? Peter Walker reports. Help support our independent journalism at theguardian.com/infocus

For Founders and Funders and those supporting the startup ecosystem, this episode was a kool convo around all things fundraising, founder journey, cap tables, dilution and more. For the chat with Peter of Carta, I am joined by Startup Guru Bobby Napiltonia, the Managing Partner @TheGTMFirm and former head of the AppExchange at @Salesforce and @Twilio's first CRO.  See https://www.thegtmfirm.com/ Subscribe and Share!

In this episode I sit down with Peter Walker, head of insights at Carta, to discuss the sweeping changes in how founders are building and funding startups in 2024. Peter shares fresh data on AI's outsized influence across every stage, why more founders are bootstrapping, and the real story behind down rounds and bridge rounds. We also dive into founder ownership trends, vesting schedules, and why hiring has slowed even as dry powder sits on the sidelines. If you're curious about where venture is headed, and how to navigate the current market, this deep dive offers plenty of practical takeaways.00:00:00 - Why 2024 Feels Different00:02:00 - Comparing 2024 to 2021 Boom00:03:58 - Why IPOs and AI Dominate Talk00:06:17 - Stage-by-Stage Funding Trends00:09:09 - Bridge Rounds & Down Rounds Return00:11:24 - Founder Ownership & Vesting00:14:17 - Solo Founders & AI Bootstrapping00:19:35 - Equity for Advisors & Early Hires00:22:50 - Safes, Valuation Caps & Dilution00:30:37 - Major Slowdown in Startup Hiring00:38:10 - Geographic Hubs: SF, NYC & Miami00:43:25 - Venture Funds Struggle With Returns00:59:22 - 2025 Outlook: IPOs & Efficiency01:02:03 - Closing Thoughts___Connect with Rex on social media:LinkedIn: https://www.linkedin.com/in/rexsalisbury/Twitter: https://twitter.com/rexsalisburyTikTok: https://www.tiktok.com/@rex.salisburyInstagram: https://www.instagram.com/rexsalisbury/

Mr Peter Walker - Sedentary Behavior | New book | Writing a book | Creating an audio book In this episode we are discussing with Guardian political journalist Peter Walker about his new book (The Miracle Pill – Why a sedentary world is getting it all wrong), journalism, politics and process of writing a book. “What is the 'miracle pill', the simple lifestyle changes with such enormous health benefits that, if it was turned into a drug, would be the most valuable drug in the world? The answer is movement, and the good news is that it's free, easy and available to everyone.” ___________ This podcast episode is sponsored by Fibion Inc. | Better Sleep, Sedentary Behavior and Physical Activity Research with Less Hassle --- Collect, store and manage SB and PA data easily and remotely - Discover ground-breaking Fibion SENS --- Learn more about Fibion Flash - a versatile customizable tool with HRV and accelerometry capability.  --- SB and PA measurements, analysis, and feedback made easy. Learn more about Fibion Research. --- Fibion Helix – Ideal for large scale studies. Scalable and affordable with patented precision. --- Fibion G2 – validated data on sitting, standing, activity types, energy expenditure, with participant friendly reports.   --- Learn more about Fibion Sleep and Fibion Circadian Rhythm Solutions. --- Fibion Kids - Activity tracking designed for children. --- Explore our Wearables, Experience sampling method (ESM), Sleep, Heart rate variability (HRV), Sedentary Behavior and Physical Activity article collections for insights on related articles. --- Refer to our article "Physical Activity and Sedentary Behavior Measurements" for an exploration of active and sedentary lifestyle assessment methods. --- Learn about actigraphy in our guide: Exploring Actigraphy in Scientific Research: A Comprehensive Guide. --- Gain foundational ESM insights with "Introduction to Experience Sampling Method (ESM)" for a comprehensive overview. --- Explore accelerometer use in health research with our article "Measuring Physical Activity and Sedentary Behavior with Accelerometers ". --- For an introduction to the fundamental aspects of HRV, consider revisiting our Ultimate Guide to Heart Rate Variability. --- Follow the podcast on Twitter https://twitter.com/PA_Researcher  Follow host Dr Olli Tikkanen on Twitter https://twitter.com/ollitikkanen  Follow Fibion on Twitter https://twitter.com/fibion  Check our YouTube channel: https://www.youtube.com/@PA_Researcher   

361Firm Zietgiest Panel at the...Tech Summit (Feb. 25, 2025)   SUMMARY KEYWORDSAI innovation, venture capital, early-stage companies, technology revolution, market uncertainty, geopolitical shifts, consumer spending, debt management, leadership challenges, educational access, technological race, global alliances, investment strategies, productivity increases, existential risks.SPEAKERSZoe Cruz, Mark Sanor, Barbara Doran, Christopher Birne, Stephen Burke, Joe Mancini Mark Sanor  00:00I'm going to make a prediction if Eddy will give me his attention. Eddie and Maisy are doing a deal right now. That's the whole point, yeah. My prediction is that this might be one of the most educational five to six hours of your life. There are so many interesting things happening in the world. Again, we were talking this morning. It really is like a new world order. And what gives us hope is always technology, productivity and all those things, those great things. So we're going to talk about these aspects, and hopefully these are the things that we in this room can control, but we all don't know how to navigate, so we have specialists who that's what they focus on, you know, whether it's health tech or dual use. So let's all learn together. So I asked the panels a classic question, what scares and excites you, and share some insights. And I like to to do the following, and sometimes the what scares and excites you, of course, can be insightful. But by way of very quick introduction, introduce yourself, and then you'll be you about clean up. David, you'd like to clean up. Share it, you know, introduce yourself and share. Share an insight with the view of, we're in this, this very, you know, rapidly transforming world, and the rapidity is only increasing. So with that, I'm gonna, you know, I always like fund the funds, so I raise money. So a lot of people don't want to raise money for fund the funds, because you're like, you know, you don't get paid much. You have to long term journey, but the intelligence that you get from fund to fund. So I let Joe kick off, Barbara, we all, you all know from pickle ball or or CNBC, or the like. Zoe is new to us, maybe not to some of you, but she was the president of Morgan Stanley. Who else has been president of Morgan Stanley here? Not too many of us have been your perch, right? Your view, your vantage point. So and you're on to new frontiers, you'll share some of that. And everyone should know Stephen. Who does not know? Stephen Burke, has anyone has not been to our Tuesday briefing? It okay if you haven't, Olga, you haven't made it. Have you a Tuesday briefing of 361 firm? Has anyone not made it to one of them? You probably made it to 100 but it's 256 next Tuesday, our anchor man. So you'll anchor the panel. So I'm going to pass it off to you, Joe, and truly be inside tell us something we don't know.Joe Mancini  03:22Well, I'll start by just telling you what you don't know, which is who I am. My name is Joe Mancini. I'm one of the founding partners of a hybrid venture fund called front porch Venture Partners. About half our capital goes into early stage venture capital on the fund side, via kind of a classic Fund of Funds approach, and about half directly into companies at the early stage. Companies at the early stage. Super excited to be here this community as I've started to engage with it more and more. It's just a really authentic and interesting group of people. So I think it's going to be an amazing day. Is this the scares and excites? Part? Mark, or no? Mark Sanor  03:54Well, insights and or scares Excite? Yeah. I like an insightful perspective. Joe Mancini  04:01Yeah, insightful. I would say, you know, I mean, it's, obviously, it's a more dynamic world, I think, right now, than we've lived in in a very long time. It feels like every other day there's some new piece of news that's throwing us all for a loop. I focus on early stage venture. I would say I when we get to the scared and excited part, I both worry as well as I'm excited about the state of venture as an asset class and the state of early stage innovation. It's been a primary driver of the US economy for a very long period of time, and American ingenuity and innovation has put us, you know, at the top of the heap globally for a long period of time. And there's an interesting where, an interesting intersection in the asset class right now, where, you know, LPs are frustrated about liquidity, assets are being concentrated among some of the biggest managers. And meanwhile, innovation is happening globally. That's starting to put, I think, American innovation on its on its heels a little bit. So I can talk about. A more inspiring version of where I think we go from here, but that's where I sit today. Barbara Doran  05:11Hello, yeah, hi. Besides playing pickleball, and there were two women who won, by the way, will be defending next year. Anyway, I'm Barb Duran. I wear two hats. I'm here, really, on the investment Council of Penn State. I'm not staff member, volunteer. I've been on the board of Penn State for nine years, the Board of Trustees just after the Sandusky scandal was elected by the alumni, and have been on the Finance Committee ever since. So on the investment Council. And so I want to talk a little bit about the things that we do there. But also, excuse me, my other hat is I have my own firm, wealth advisory, asset management, and so I invest in public traded equities, and that's really my specialty as an independent professional, the things that excite me most really goes along with what Dan was saying are Bill Joe. Oh, jeez. Anyway, David. David anyway is really about technology. I don't think that should come as any surprise. There's lots of talk all the time about AI and what that means. We had a market sell off about three weeks ago because of deep seek. You know this Chinese competitor, potential competitor, to Nvidia and lots of other semiconductor players, but there's so much going on, and we're already starting to see the productivity increases that will come from businesses adopted it. And so far, in terms of businesses adopted, probably, you know, not even you know, only maybe 10% have really adopted, and we're not talking about the service now. So the salesforce.com but the businesses will actually implement to make their businesses run more efficiently, their sales, all that sort of thing. So that's just beginning, because everybody's looking at, how do we use it, working with consultants, etc. But there's going to be a lot more to come, and more new companies that we don't even know about yet, and that's why, like, for instance, at Penn State, we're doing we don't invest directly and anything, we're just not big enough. Our end down is maybe six to 7 billion, if you include our operating cash. So we have a great staff, but we invest in funds, you know. So that's the fund of funds who really have the expertise to dive deep. And we've been investing in in different venture capital funds that have different areas of expertise in technology. Some of them are AI. Others are other areas of technology, but AI has been a big one recently, and we're continuing to look in that space. And the publicly traded side at Penn State, we just do index is which I'm always the one speaking up like, why we should do some active managers. But for my own clients, I do a lot in technology. Like, for instance, I've own Nvidia since 2019 which had no idea it would happen as it has. But I looked up at that time, like, why did I buy it then? And it was really because they were one of the first actually using AI to help their clients run their business. And so that was, this was the beginning of and this is just the beginning, still, even despite everything that's happening on So, and I know I'm getting the look, but the things that I worry about really have to do with the current administration and the uncertainty being created by not knowing what's happening with tariffs. Is it more bark than bite? We don't know. We just had a pronouncement today about Canada and Mexico, or maybe it was late yesterday. Who knows? And also about the deportations. We don't know. Even company managements are worried about what that could mean in terms of labor shortage and the inflationary pressures there. So there's a lot we don't know. And right now, what's happened? Sure you've noticed, the last three days, we've had a market sell off, including today, in the equity market. 10 year yield has come down, and I think it's we're now having a growth scare, which we haven't seen for a while, and we'll see how that plays out. My view it's probably a buying opportunity somewhere in there, because the economy is still strong. It's consumer driven, and it's the mid to high income consumer that's driving it. And people have made trillions in the stock market. Their home prices are high, and they're employed. So despite all the noise in the frights of the last few days, I'm still, you know, optimistic on the market. Thank you. Zoe Cruz  09:09Thank you. My name is Zoe Cruz. It's actually Zoe Papa vimitrio Cruz. I was born and raised in Greece. I am what you call the American dream. Three years before I went to Harvard on a full scholarship, I didn't speak a word of English, and if it weren't a public school teacher that took an interest as to why I wasn't applying to Harvard, I probably wouldn't be here. And I joined Morgan Stanley right out of business school. It was a small investment banking boutique with 1800 people in three offices, Tokyo, London, New York. When I left in 07 it was 65,000 people. They had offices everywhere. That's a revolution. Finance was globalizing. Overnight, rates were 21% on their way to zero 30. Interest rates, the risk free rate of return for treasuries were 15% on their way to 1% as I say to people, a monkey could do what we did at Morgan Stanley, and we were not monkeys. So you have to recognize paradigm shifts. And I actually think right now we're in a massive paradigm shift. There is way too much in being spilled. Whether the Fed is going to use 25 basis points. Who cares? The world is de globalizing, fragmenting. The biggest assumption the markets are making is that we beat inflation. It's going to go back down to 2% I could be wrong, but I believe we're not going to save 2% in my lifetime. We should worry more about hyper inflation than deflation. The US government has $36 trillion worth of debt, and so for me, what I worry about is there is not enough talk about, how do you hedge your portfolio if it is a paradigm shift, and interest rates actually, the cost of capital keeps on going up, and availability of it keeps on going down. If I'm right about that assumption. A lot of your portfolio is in deep trouble, because that's the assumption most people are making. So what scares me at the moment, I'm an optimist by nature. I love you know, we are the lucky sperm club here, actually, most of us. What scares me is we are in the middle of an amazing technological revolution. But unlike what so it is amazing in the sense that when I look at the power of that thing, I downloaded all four perplexity, Gemini, grok, chat, GPT, all four of them, and I asked them the same question, all four. And by the way, they have their own biases. Just excellent. I don't need 12 research people. It's just in a second, I get the most complex answers to a question that's exciting. I mean, I can get a PhD basically, just, you know, asking that's exciting. Unlike other revolutions, you don't get the extreme risk of Elon, a brilliant man, whatever you want to think about his character. This is a brilliant man who has changed the world. Now everybody's talking the game, but he, I remember, if you look at his interviews only a few years back, he said there's a non zero possibility humanity ceases to exist. Well, that's kind of a big risk. So, so the mirror image of that exciting, exciting revolution is more of us should think about humanity is a wonderful thing, and how do you preserve us being masters of this revolution, as opposed to the other way around? Stephen Burke  13:14I'm done. First of all, I agree with most of what you said, and the stuff I don't agree with, I don't understand. So thank you, Zoe for that crash course. I worry about debt too, and I worry about debt being the current consumption of our future earnings, and we've gone way over our skis on that all over the world, and how we get that back is going to be a real problem. And the other thing I worry about is the lack of leadership that will make the hard decisions that we have to make to put the pain on the system that we have to go through to get the excesses out that we built up over the years. I also share the view that the move down in rates is going to be much more challenging the market is hoping for as investors, if we don't get our mind around that change that the last 15 years are done and we're back to a normal interest rate level on the low end of what we've historically seen, you're going to have problems valuing all your assets if we don't get that right. So I think we have to change the mindset there. I do think there's elements of this administration that are not getting credit for the positive outcomes because of the delivery on it, but if we can get digitize a lot of our government expenses, you only raise the level of trust in how our taxes are being spent, they can give you a whole different mindset towards government and deliver much better outcomes for our country, but I think it will be the same for other countries. Europe has a massive fiscal problem where their needs are far greater than their ability to spend to meet those needs, and that's not just on defense, it's on their regular day to day living. So I think the transformations that are going. On. I do think this is one of those periods where we've slowly walked into, over the last decade, big, secular, mega trends, whether it's demographics, whether it's the tech boom. You can go through the list. There's several other areas where we're seeing these mega trends. I think the anti immigration bias that we're starting to say is another worry, we're going to have a brain drain problem. We've already seen it in a lot of countries. The US cannot afford to lose the opportunity the edge that we've had in immigration, and we're on our way to doing that. So I think we're going too far in the pendulum all the time. I think we have to get back to a more moderate way of seeing how we deal with all the problems that we have. So I'll stop there more. Mark Sanor  15:42What do you think about the risk of of humanity? So arm and Sir keys on. He did this conference. He how long wasn the question of existence? Do we can, you know, sort of existential, the ultimate existential question. I'm surprised Stephen Burke  15:58they made it this far, so that's not a priority for me, but I do have four kids that it is a priority for. And I would say that I worry about our kids. I worry about the we called sending the bill to the kids table with the debt and the strains on the system, but I also worry what we've done to their future. I think their their ability to have hope is not the same that we had when we were growing up. And I think that's a real problem, because without hope and hope in our leaders, it's very hard to get out of the problems and deal with the problems Mark Sanor  16:32that we have fair enough. Well, I want to open up because I asked insights and scares and excitements, you sort of answered those questions, but did you hold back a scares and excites? Answer? I held back and excites. Okay, let's Yeah, and that Joe Mancini  16:46was really interesting. I appreciate this is a really smart crew up here. You know, like I said, I play in the early stage venture world, primarily in the US. I spend all day, every day, with fund managers and founders. I would say something that excites me with as concerned as I am about certain things, is how many founders are starting businesses right now in an AI native way. And what I mean by that is, you know that they're building these businesses now with AI tools in their pocket that are going to dramatically, I think, decrease the amount of capital needed to build a great company, right? Which means that, as an investor, there's an opportunity for great returns. Peter Walker, at carta has a great stat around the average series A employee count. Two years ago was 18. Last year was 13. It's ready to be under 10 within the next 12 months. So in terms of productivity, kind of carrying us out of this, I think there's a huge opportunity with this next set of tools, not just as a system layer for a lot of things that we do, but for founders and people who are creating and building things, and for our kids as they're creating and building things. So Mark, that's the more optimistic. So Mark Sanor  17:51do you know Esther Dyson? Does anyone know Mr. So she was we had this discussion about this time last year about companies that are the founders being an AI and the board members potentially being a is you guys have thought through that scenario, but it's they would Love to replace you too. So so it goes both ways. Joe Mancini  18:23I mean, some might as well be AI in certain cases, right? I mean, particularly at the board level, we work with a lot of boards as well, and, you know, there's some sleepy boards that might be better served being AI, right? We try to avoid those types of situations. Mark Sanor  18:39So, let's, let's open it up. Will Speaker 4  18:46First off, this was awesome. So far, I really enjoyed what you guys all said, a lot of brain power up there. We've talked a lot about, you know, uncertainty of geo politics, Global War, where interest rates are going. I'm curious, you know, from an investment perspective, it's sometimes easier to think about, what are the things that are not going to change amidst all this, and what will continue to just make sense. And I'd love to hear what you guys think about, what's not going to change, and how we could invest in slow, boring things that aren't going to change. Mark Sanor  19:18Who wants it? Zoe Cruz  19:22Great question. Sorry, yeah, it's a Mark Sanor  19:27girl he was being coached by the Pender, right? Zoe Cruz  19:30It's a great question. I'm not sure I have the answer that to the question you're asking. One thing will never change is basically, if you have short term clarity on what's going to produce cash, you know, even if inflation takes 5% of it, who cares? That's never I mean arithmetic, simple arithmetic is so good businesses, but I. Say what's also not going to change. Some of the best money I've made is after the crash, one of the best trades I've made, because I know how to read bank balance sheets in oh eight after the war fell apart, you could have bought if you had enough cash saved aside and not prematurely invested all of your portfolio and things you could have bought bill based stock at 50 cents of its book value. This is a company that was still making billions with an S every quarter. So what's not going to change is we know after major and I think we are in a paradigm shift. You don't need to be a great investor. You're going to pick up great companies. You're going to make me investments that give you a symmetry of risk reward. Most Great Investors basically have, so yes, you can lose half of your money, or you can make 100x that's a symmetry of risk reward. You should do the trade every day. I think right now, the asymmetry of risk reward is against the traditional portfolio, stocks and bonds. You know, when you can actually save there is inflation, the huge debt that the market, sovereign in particular, the US of A everyone is actually printing money, including even Germany. Basically, when there is huge debt, as I say many times, people forget there is only two ways of big debt, repudiation or inflation, we're choosing the latter, so that should guide your portfolio. Now the Argentinians don't have a reserve currency. So if you choose inflation, your currency goes down 98% Turkey 60% we are in a wonderful world of America with the reserve currency. The question is, we better be careful. I Barbara Doran  22:06just want to make a quick comment on that. We better be careful about the reserve currency, because when 22 when we used we froze central bank in Russia. You know, it suddenly woke up a lot of other central bankers to say, hey, maybe the treasuries aren't so safe after all. So it will be a long term process, but we can't take for granted. I mean, the near term, yes, will be the world's reserve currency, but over many years, and depending how it accelerated or not, by various administrative policies, current or future presidents, that is something to watch. And I share the concern over the deficit, which looks like it's going to be even higher, but what will not change? I mean, there's so many ways to answer that. One is about consumer spending. You know that Americans love to spend through thick and thin and and also market psychology, which we addressed in which Zoe said, back in it was oh nine in February, I remember looking at those bank stocks because a friend said, bar, what can I invest in, and I don't give friends ideas. But I said, if you really want to invest, because she knew nothing. I said it with Hank was bank America and city, which were like $2 stocks. I said, I don't know. The only thing I know is they're not going out of business when will return. It wasn't one, whatever it was. It was crazy. But the only thing I knew they weren't going out of business. So, Mark Sanor  23:23all right, yeah, what's Joe Mancini  23:24playing in my head, as you all are describing these situations, which I think are really good examples, is just, I mean, supply and demand, as far as I can tell, is always going to, you know, rule quite you know, rule every market and just about every transaction. So knowing where you sit in terms of, you know, where is demand, where is supply, and ultimately, where is price, right, can help you make really good decisions. Simple, but I think we go back to it all the time, Mark Sanor  23:52by the way, I'm gonna is amazing here. Of course, you stepped up. But we'll talk about pricing perfect timing, because we're gonna talk about talk about large pricing models. That's the next open AI that we've been looking at. Lots of hands were going up because you guys have asked lots of questions. I'm going to let Speaker 5  24:16Dave Thanks. So regarding rare and critical minerals, we're sort of hearing now that if you haven't already got any, gone into them, you're late, that they're not going to be very rare in a very short period of time. Do you guys have views on that? Mark Sanor  24:31I mean, Greenland and Ukraine? No views from the panel on that Speaker 2  24:40one? No, I don't know enough either. Don't forget the ocean too. Oh, Mark Sanor  24:44the ocean. We have two people in Alyssa. Where's Alyssa and Lisa on ocean research. We know so much. We spend so much more in space, not in the ocean. Chris, Christopher Birne  24:58thank you guys for your time. I guess. First, I would say, both my dad and I went to Penn State for our undergrad. So we are and I'm Greek. So CI do elada Go Blue? Yeah, oh, wow. So, I guess a lot of discussions I've had with other family offices, and I think Stephen You had mentioned this idea of, you know, a lack of leadership and its effect on making crucial decisions. You know, I think that the Obama administration was the last two year term we had for a president. And, you know, I guess you could argue that Trump is a two term president one time, separately, this political climate that we're in now and this shit, this paradigm shift politically, I think, where, you know, every four years to different president with a completely different outlook. What effect does that have? Like, kind of, some of the things you guys are discussing about the deficit and being able to make crucial decisions, Mark Sanor  25:48we do have elections every two years too, that impact Stephen Burke  25:52this. I'll start I think the I think the ping pong match of the party's policies is a terrible waste of money for the US, consumer and taxpayer. And I think we need to separate the budget out to a maintenance budget and investment budget the same way you would in a corporation, and then you would evaluate the return on your investment for like the infrastructure plan that was absolutely necessary. But you do that in a way that you actually look for an ROI the way you would in the business, and I think if we did that, the people would have a lot better response to the government spending and new government projects. So I think that's the kind of leadership that you need. You also need people to step up and say, I'm going to be a one term. Er, because what we need to do is the stuff that is the hard stuff, we're going to have to have to raise taxes and we're going to have to cut spending. You can't avoid the deficit problem that we have. You can't grow out of it. We tried that for the last 15 years, and all we did was make the debt worse. We avoided a financial crisis, but we just might have prolonged it instead of completely avoid it. Zoe Cruz  26:56I would say that we're focusing on the wrong the politics, the Democrats, Republicans. I think the Democrats pretend they care. The Republicans say they're going to do the right thing for the economy, but neither one, neither of the major parties, really focus on the one thing, the economy is no longer working for large swaths of the population. And if you read history, they pick up the pitch forks at some point. That's what's happening to me. Donald is the pitch fork saying he's a disrupter. We're going to throw a bomb. Tabula rasa. Let's start all over again. So the again, the amount of ink that's being spilled on Obama versus Donald versus at the end of the day, the reason Donald won is he had a great story line. I care. I listen to you. We've globalization eviscerated your town, your middle class America, your poor. I'm listening to you. That resonated now. What's going to happen if two years from now, he's not listening? Is what I worry society is fraying, not because Republicans did the wrong thing, or Democrats did the wrong thing. We're not focusing on fundamentally, when you have I think I read a statistic that's, again, I believe in capitalism, but we're not practicing it any longer. When you have three guys, bez, I think Zuckerberg and Elon, the three are worth more than the bottom 50% of us of a think of that statistic that's crazy. Yeah. So I think, you know, I talked to a couple of you, I think the caucuses we should have is, What is the purpose of leadership, but to actually get to our children, leave our children. I have three amazing children. I'm ashamed of the future I'm leaving them. My generation is the most self est generation of them all my dad fought in World War Two. They were starving, and here we are, my generation. I need, I want, I have to have. So I think that's what has to change, not Obama versus whatever. Barbara Doran  29:24Well, all very interesting. But I think your question was, was, really, how does it affect your investing, and how to think about it? So in a more granular, granular level, it does affect, I mean, you had leading up the election, you had the Kamala plays in the stock market. You had the Trump plays, you know, and after Trump won, then you had, you know, all his the areas, whether it was financials, materials, everything running. And so you do have to be cognizant. And of course, now, as I mentioned earlier, there's all this policy uncertainty, which certainly is, you know, impactful, because the Fed is on hold, and probably may hold a little longer to there more clarity, because they are. Worried, you know, if you deport too many people, you know could hurt labor, inflationary and tariffs and so we don't know yet. So there is uncertainty that you have to build in. Now, interestingly, there just was out yesterday, the second Consumer Confidence Report from the Conference Board, and last week with senior University of Michigan, a big drops in consumer confidence in terms of inflation expectations. But interestingly, there was quite a disparity, as we've seen in other surveys, between the Republicans and the Democrats. Democrats were much more pessimistic about it all, and Republicans, even though that number went up, they were not so very interesting. How either they're hearing separate facts or they're interpreting or focusing on different things. So this politicization that Zoe is talking about, you know, is real and is is harmful, you know, in terms of making informed decisions. Mark Sanor  30:47Question Tony, hold on one second, Speaker 7  30:55Zoe, I want to go back to something you said. I think you touched on concentration, concentration of wealth. Most people are focused on chasing the return based on what's happening in the market, and a lot of that has to do with technology. How do you, how do you properly address that concentration? Speaker 3  31:14You know, I hope this time around, it will be different. When you look at the history, when you look at, you know, this time, it's different. When you look at the history of capitalism again, the best system, on a relative basis, you have huge growth plateau, collapse, start all over again. That's how it so you look at, you know, the 1920s I'm rereading the great crash in 1929 you look at the parallels of what we constant, robber barons, concentration of wealth, gold, Gilded Age. I mean, so you look at the pattern. And my hope again is that we don't have this collapse, if people say, if you put your money in equities, you'll make money, yes, over the long decades, if you put your money in equities, right before the crash in 1929 it took you 40 years to make your money back. Let's pick or 30. So to me, I would say, right now, there's not enough, really, risk management these. How do you change the concentration of wealth? I hope it's not by, you know, I hope that those guys that there are worth trillions, don't figure out how they go to Miami to save taxes. They figure out how you actually use technology, you know. And again, Elon, to be fair, even though I think he's a deeply flawed human being, but I have enormous respect for his IQ, he started talking about again, years ago, when you listen to what he was saying, is, and that's why, by the way, they had this, you should have open AI, why he supported it. He said we should have the minimum income. I don't know if that's the right answer. But he thought about if 65% of the US economy is consumption, which means people have a job, they make money, and then they consume. That's America. So when you have all of them now say productivity, you are going to need to fire millions of people. We don't need them, and this time, it's not the machinists. It's actually the lawyers, the accountants. How does so? Again, we're not thinking about the paradigm shift. I am hugely positive about what will happen if we survive at the other the land of plenty, but I hope the transition, which was World War One, World War Two, is what transitions were this time. Hopefully it's different. Stephen Burke  34:13I would just add mark. I think the thing that's going to help the inequality is, can we use technology to make the access to education better than it is right now for the low end, because 49% of the spending in the US is done by the top 10% of earners, so they the others don't have a shot. They just don't have a shot right now. And the way our educational system works in many states, it's driven by tax revenues, particularly real estate revenues, and that is the definition of inequality. So I think we have to fix the educational access to allow them to have a shot to compete, because we're not giving them the shot to they're not starting on an even playing field to begin with. Mark Sanor  34:59So. What we haven't talked about is the global, the geopolitical Democrats and Republicans. But we're in a world, a shifting world. You talked about the dollar and in our debt loads. But how do you see, I guess, what scares and excites you on the geopolitical fronts? I I'll Stephen Burke  35:20start just the same thing inequality. You have a couple countries that are dominating all the discussions and all the influence right now, and it's the US and China, primarily, that are sucking the wind out of the air, out of the room, and they're not leaving much for the rest. And as we're carving up the world, we're creating a real problem with that. I think you have inequality on three levels. I think you have it on a country level, you have it on a corporate level, and you have it on the individual level, and we have to deal with all three of them to for this, to get it right. Zoe Cruz  35:59What I'm excited about is that it's possible to have the Chinese leadership and the US leadership meet to say, if actually humanity is what we're trying to save, maybe we work together, as opposed to because the nuclear arms race is now the technology race that the Chinese and the Americans are actually fighting so they don't lose on a technological revolution that they recognize they can lose control of. So my hope is those two guys meet and then we get to the land of plenty fast. Do Mark Sanor  36:35we have like this new, enlightened, mutual, assured technological destruction? Yeah, and that we should be enlightened, Zoe Cruz  36:43yeah? Because, I mean, I'm sure there are, there are people that are telling both Donald and she that there is a scenario we all die. I mean, there is, we all know that. And so right now, externally, at least what we are hearing and reading is what they want us to hear and read. Those two are the super powers, the unilateral whatever you call it, the world where America was the only one. Yeah, so those two guys, I think there must be at least initiating discussions Russia and all that. It's a human, horrible toll. The two leaders that need to get together, the two that count, that can change the trajectory of the world, is the Chinese and the Americans. Speaker 2  37:41Okay? And I worry long term about shifting alliances. You know, the US, it may not be seen as a reliable partner. And certainly Europe, basic leaders in the last week or so have said we've got to go it alone. And that will shift alliances all over the world. You've got Canada, Mexico, and we'll see where that shakes out. And, you know, I think longer term, it could weaken us and our ability, you know, to withstand all sorts of global pressures, the fact that we've done so well the last few years, economically, all these things, again, this is longer term. This will take time to shift, but that's what I'm concerned about. What's being set in motion now. So what? What that may lead to, and it may not be good for us. Joe Mancini  38:24I'll tell you a thing that I probably shouldn't say, that I actually wish had been a little less certain for a period of time, which is, I don't know if folks noticed the news story about a week ago that there was a 3% chance in 2032 that a meteor was gonna strike the Earth, right? And then we got a better look at the media, and we're like, Ah, it's one and a half percent. And then we started look back in history, and we're like, Oh, something hit, you know, the northern part of Russia in 1908, it wasn't that big of a deal. And now we're saying, yeah, it's probably not gonna hit. No big deal. I wish that that had stuck at three to 5% for a little while longer, right? And just tried to bring the world a little bit together around, okay, this is madness, but we have an existential threat. We can see it through a big, giant telescope. Let's get the best minds together to try to figure out what to do. Unfortunately, now it's like point 1% and we'll probably be fine. Mark Sanor  39:17All right with that. Thank you to our kick off panel. Zoe Can I ask you to stick around? Can you stick around? We're going to talk about AI and two of my panelists are not here, and I thought you might keep sharing some. There you go. It's a half an hour panel. All right. So if Thank you. Thank you so Ben and Maisie Jack is on on an airplane. Watch her. Please come up. We're going to talk about AI, and if you, if you, and maybe. Be Ben, you'll go first, introduce yourself again. Sheri, come join our 361 firm community of investors and thought leaders. We have a lot of events created by the community as we collaborate on investments and philanthropic interests. Join us. Ben. You can subscribe to various 361 events and content at https://361firm.com/subs. For reference: Web: www.361firm.com/homeOnboard as Investor: https://361.pub/shortdiagOnboard Deals 361: www.361firm.com/onbOnboard as Banker: www.361firm.com/bankersEvents: www.361firm.com/eventsContent: www.youtube.com/361firmWeekly Digests: www.361firm.com/digest

Carta just released their report for Q4 2024. Peter is Head of Insights at Carta, and the person who owns their data practice. We sit down to talk about the largest trends he saw across fundraising, industries, graduation rates and even hiring practices. Carta data shows that graduation rates from Seed to A are much lower for companies that have raised a bridge round. We analyze why that might be and what that could mean for early-stage founders.VCs read and understand all this data. If you want to operate on equal footing— you should too.Why you should listen:The role of AI in the venture capital landscape.Why there are a trend of larger funding rounds going to fewer companies.Why so much capital is being allocated to AI companies.Valuations for seed and early-stage companies are on the rise.Why bridges and extensions have become so popular. Why bridge rounds have lower graduation rates to Series A.What the data shows about how hiring practices are changing.Keywordsventure capital, AI, fundraising, market trends, valuations, startup ecosystem, early stage, late stage, investment, venture capital, bridge rounds, seed extensions, startup growth, hiring practices, AI impact, early stage funding, market trends, valuations, exitsSend me a message to let me know what you think!

Welcome to FYI - For Your Innovation. In this episode, Brett Winton is joined by ARK's Chief Investment Strategist, Dr. Charles Roberts, ARK Venture Capital Research Associate, Chase Prather, and Peter Walker, Head of Insights at Carta, a leading platform for cap table management and venture data analysis. Together, they dive into the evolving venture capital landscape, discussing funding trends, challenges for startups, and the role of artificial intelligence in reshaping the industry.Key Points From This Episode:Introduction to Venture Capital Trends: Why early-stage and emerging managers are facing challenges amid a shifting funding environment.AI's Dominance in VC: The outsized role of artificial intelligence, with 30-50% of late-stage venture funding allocated to AI companies.Pareto Dynamics in Funding: How a few startups and funds are attracting the lion's share of investments while smaller players struggle to raise capital.Transparency Issues in Private Markets: The delayed realizations and opaque reporting practices in private funding cycles.Emerging Secondary Markets: The rise of secondary transactions as a liquidity option for late-stage private companies.The Changing Venture Lifecycle: Why traditional 10-year fund cycles are no longer a realistic benchmark in today's market.

Extrait : « … Elle est allongée sur le trottoir d'un quartier de Bearsville, dans l'État de New York, comme ces mendiants que l'on n'ose regarder. Sale, édentée, le visage ravagé par la rue et l'alcool, personne ne la reconnait, elle est à peine un lointain souvenir. Pourtant en cette froide journée de décembre, quelqu'un s'arrête auprès d'elle, comme hésitant, puis se penche sur ce corps décharné par le sida. Peter Walker, guitariste et figure incontournable de la scène folk de Greenwich Village au milieu des années 60, reconnait sa vieille amie. Alors il l'emmène chez lui et l'installe du mieux qu'il peut, elle mourra quelques mois plus tard, dignement, au chaud, peut-être en paix avec elle-même … »Pour commenter les épisodes, tu peux le faire sur ton appli de podcasts habituelle, c'est toujours bon pour l'audience. Mais également sur le site web dédié, il y a une section Le Bar, ouverte 24/24, pour causer du podcast ou de musique en général, je t'y attends avec impatience. Enfin, si tu souhaites me soumettre une chanson, c'est aussi sur le site web que ça se passe. Pour soutenir Good Morning Music et Gros Naze :1. Abonne-toi2. Laisse-moi un avis et 5 étoiles sur Apple Podcasts, ou Spotify et Podcast Addict3. Partage ton épisode préféré à 3 personnes autour de toi. Ou 3.000 si tu connais plein de monde.Good Morning Music Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

Welcome to another episode of Supra Insider. This time, Marc and Ben sat down with Peter Walker, Head of Insights at Carta. Drawing from Carta's vast database of over 30,000 companies, Peter offers a data-driven analysis of the evolving compensation landscape in 2024.The conversation delves deep into product management compensation, exploring both cash and equity components across different startup stages. Peter shares unique insights into critical industry challenges, including the complexities of equity exercise decisions and the growing emphasis on capital efficiency in startups.The episode tackles pressing questions facing the PM industry today: How are junior PMs navigating the competitive job market? What's driving the surge in fractional roles? How are executive hiring patterns shifting? Peter also illuminates AI's transformative impact across various functions and its implications for the future of work.This thought-provoking discussion offers key insights for founders, product managers, and anyone interested in understanding the current dynamics of the startup ecosystem.All episodes of the podcast are also available on Spotify, Apple and YouTube (video).New to the pod? Subscribe below to get the next episode in your inbox

Will the funding market screw you, or accelerate your plans? In this episode, we talk with Peter Walker about funding and why it matters to GTM teams.(00:00) - Introduction (03:04) - What commercial teams need to know (05:44) - What does the market look like right now (07:19) - Are IPOs still backed up? (09:24) - Political landscape (12:29) - Two paths during a downturn (17:17) - Time Between Funding Rounds (20:28) - The AI Hype Cycle (27:31) - Startup Shutdowns (30:54) - Down Rounds and Their Impact (33:14) - Predictions for 2025 This episode is brought to you by by Fullcast, the only AI-powered platform that streamlines your entire sales lifecycle — from plan to pay. With modules like territory and quota management, routing, and capacity planning, Fullcast adapts to your unique needs — whether you need one solution or an all-in-one platform. Ready to see the difference? Visit Fullcast.com and mention the Revenue Formula Podcast to unlock an exclusive premium gift, just for listeners!Never miss a new episode, join our newsletter on revenueformula.substack.com

In Episode 85 of Topline, Sam Jacobs and Asad Zaman welcome Peter Walker, Head of Insights at Carta, for a deep dive into the shifting landscape of venture capital and market trends. The discussion spans the resurgence of IPOs, the state of M&A activity, and how startups are adapting in a post-2021 economy. They explore the role of AI in reshaping growth strategies, the rising importance of capital efficiency, and the nuanced dynamics of late-stage funding. Topline by Pavilion is also proud to debut The Revenue Leadership Podcast with Kyle Norton. Listen now. Attention CEOs and Founders! Join Pavilion at the CEO Summit on January 23rd in vibrant New Orleans. Don't miss out—reserve your spot today! Want more Topline? Join the Topline Slack channel to engage with hosts, guests, and other listeners and subscribe to Topline Newsletter.

Q3 startup data just dropped. We chat with Peter Walker, Head of Insights at Carta about valuations at pre-seed, seed and Series A. Why the current fundraising environment is the new normal and not about to get much better. We also talk about trends in founder vesting, and why some founders are choosing to vest for longer.Finally, we go through what to do if you're stuck with some product-market fit but mediocre growth, and why more exits are happening now than anytime in the fast couple of years.Why you should listenFounders should not expect a return to the fundraising conditions of 2021.Competition among founders has increased, raising the bar for fundraising.Many startups are still alive despite challenging conditions, adapting to survive.Why the professionalization of the startup ecosystem offers more options for founders.Startup ecosystems are growing in tier two and three cities.What the one-and-done funding model is and how to use it. KeywordsState of private markets, early stage funding, SAFEs, startup trends, liquidity, valuations, venture capital, market analysis, fundraising, AI, AI startups, vesting schedules, funding models, startup ecosystems, venture capitalTimestamps(00:00:00) Intro(00:01:33) Top Highlights from Q3 Report(00:04:45) The market won't get any easier (00:06:13) Two Reasons why the SAFE Boom Could Change Things(00:12:34) Professionalization of the Industry is a Double Edged Sword(00:17:44) Rounds that are Leading the Market are as Competitive as Ever(00:22:36) Vesting Schedules(00:30:05) Best Location to Raise & the One and Done MethodSend me a message to let me know what you think!

Kemi Badenoch has become the first black woman to lead a major UK party, she's the new leader of the Conservative party after Rishi Sunak's demise. The Guardian senior political correspondent Peter Walker spoke to Ingrid Hipkiss.

In this episode of The Lonely Office, we dive into the world of startups and the hard truths behind venture capital. Peter Walker, Head of Insights at Carta, joins us to break down the numbers, offering key advice on when to take that leap into entrepreneurship—or when to hold back. Special Guest: Pete Walker Hosts: Matt Sunbulli https://www.linkedin.com/in/sunbulli/ https://www.threads.net/@mattsunbulli https://www.firstdraft.vc Aaron Calafato Listen to Aaron's 7 Minute Stories

Peter Walker, Head of Insights at Carta, joins Nolan Church and Kelli Dragovich for a round 2 discussion to talk about the hidden currents reshaping the startup world.From the brutal reality of today's hiring landscape to the unexpected reasons top companies avoid IPOs, Walker challenges conventional wisdom, exploring how the "Big Stay" phenomenon and emerging equity models are redefining employee-company relationships. With startling data on fund performance and company shutdowns, this conversation poses a provocative question: Are we witnessing the end of the startup golden age, or the birth of a new, leaner ecosystem?*Email us your questions or topics for Kelli & Nolan: hrheretics@turpentine.coHR Heretics is a podcast from Turpentine.

Shiv interviews Peter Walker, Head of Insights for Carta. In this episode, Peter and Shiv discuss how PE-backed companies can use equity to attract, compete for, and retain employees, as well as to grow companies and increase continuity. Plus, learn how Carta's first-party data helps PE firms, management companies, and founders learn from industry trends and best practices, including the recent Ownership Trends in Private Equity: 2024 report.   If you find the podcast helpful, please leave a rating or review. The information contained in this podcast is not intended to constitute, and should not be construed as, investment advice.

Keir Starmer says cutting the universal winter fuel allowance for pensioners is a ‘tough decision' Labour has to take. But many of his MPs were not happy, as Peter Walker reports. Help support our independent journalism at theguardian.com/infocus

Yes, inflation can be boring. No, you can't ignore it even in the GTM teams. We discuss what problems inflation is creating - and what to do about it.(00:00) - Introduction (01:20) - SaaS and GTM inflation (06:18) - Rising Costs and Business Adjustments (09:57) - Understanding Value Pricing in SaaS (11:00) - Check your T&Cs (13:50) - Using Price Increase Wisely (18:54) - Communicating Price Increases to Customers (25:11) - Case Study: Effective Price Increase Strategies MentionsWil ReynoldsCarta's Peter Walker on salary & inflation***Connect with us

Carta is trusted by more than 40,000 companies and over two million people in nearly 160 countries to manage cap tables, compensation, and valuations. Carta also supports nearly 7,000 funds and SPVs, and represents nearly $130B in assets under administration. Today, Carta's platform manages nearly three trillion dollars in equity globally. Companies and funds like Flexport, Tribe, and Harlem Capital build their businesses on Carta. Connect with Peter

Carta is the backbone of most venture-backed startups. They have access to specific information about every single round, not just what's reported in TechCrunch. Today, Peter Walker, Carta's Head of Insights joins us to share the findings from Carta's Q2 reports. We go deep into data from pre-seed, seed and Series A rounds. We cover median valuations, time between rounds, graduation rates between rounds, the AI and repeat-founder premiums, and much more.VCs know most of this data. Founders need to be equally well-informed. You won't want to miss this episode.Why you should listen:What are the typical pre-seed, seed and Series A rounds.Why stacking SAFEs is very dangerous.How to minimize dilution in the early-stagesWhat is standard founder ownership, founder equity splits and ESOP sizes.Why the graduation from Seed to Series A is so low and the bar for Series A so high.Many more data points for pre-seed to Series A Venture Capital and Startup data.Keywordsstartup ecosystem, fundraising trends, total fundraising, down rounds, bridge rounds, company shutdowns, pre-seed funding, seed funding, series A funding, valuations, round sizes, dilution, founder equity, early employees, equity compensation, seed round size, series ATimestamps:(00:00:00) Intro(00:01:35)Findings from the Q2 Report(00:06:12)Typical Pre-Seed Round(00:07:29) Post Money Safe vs Pre-Money Safe(00:11:54) AI and Repeat Founder Premiums(00:15:03) Typical Seed Round(00:17:07) Time & Graduation Rates Between Rounds(00:22:08) Typical Series A(00:28:14) Equity Splits(00:35:02) Founder OwnershipSend me a message to let me know what you think!

After a brutal defeat, the starting gun has been fired on the Tory leadership battle – but which faction will triumph? Kiran Stacey and Peter Walker report. Help support our independent journalism at theguardian.com/infocus

In this episode of Topline, AJ Bruno, Asad Zaman, and Carta's Head of Insights Peter Walker are joined by Bob Moore, CEO of Crossbeam, to discuss his company's recent merger with Reveal. Bob shares the strategy behind the merger, along with the challenges and opportunities that the merger brings to Crossbeam. The episode also touches on broader market trends, including the state of M&A activity and the evolving landscape of startup valuations. Want more Topline? Join the Topline Slack channel to engage with hosts, guests, and other listeners and read episode recaps. Secure your ticket to GTM2024 in Austin (October 14 - 16). Lastly, check out The Data Minute with Peter Walker from Carta.    

Hat Tip to this week's creators: @PeterJ_Walker, @mgsiegler, @jglasner, @lennysan, @AndreRetterath, @alex, @pmarca, @nklsrh, @dmehro, @timmarchman, @adamclarkestes, @Kyle_L_Wiggers, @MTemkiContentsEditorial: Essays of the WeekIs there an AI Bubble?Robotics Startups On The Rise In 2024Behold: the HackquisitionThe Entrapment of AppleThe social radar: Y Combinator's secret weapon | Jessica LivingstonCan We Fully Automate Startup Investing?The 2024 IPO I'm Most Excited AboutVideo of the WeekThe true story -- as best I can remember -- of the origin of Mosaic and Netscape.AI of the WeekI Will F*****g Piledrive You If You Mention AI AgainPerplexity Is a B******t MachineWhat, if anything, is AI search good for?Andrew Ng plans to raise $120M for next AI FundNo MacBook Air Killer, All MacBook Air FillerHebbia raises nearly $100M Series B for AI-powered document search led by Andreessen HorowitzNews Of the WeekNo, a $100m + Series A Round isn't NormalIt takes ten years to succeed as a StartupElon Musk has won $56bn pay package despite judge ruling it void, Tesla arguesKleiner Perkins announces $2 billion in fresh capital, showing that established firms can still raise large sumsStartup of the WeekWebtoon Rises Modestly In IPO DebutX of the WeekAI Poetry Camera? Seriously?EditorialIt's Sunday, two days later than I usually send this out. Two excuses. I was in recovery from PTSD after the “debate.” And then I almost had a relapse watching England in the Euro last 16 game against Slovakia.I'm unsure of my mental state now (we won 2-1 in extra time). But the other, more important “game” is still undecided.But in AI, it seems everybody is getting PTSD from wild allegations that AI might kill the human race to now new suggestions that there may be a bubble in valuations for early-stage companies.The items in this week's newsletter are really good. MG Seigler, Alex Wilhelm and Peter Walker dominate. The first two are former TechCrunch writers (hats off to Mike Arrington for his talent-spotting). Peter is the leading contributor to VC data; he has access to Carta data and uses it super effectively.MG and Alex have relatively new newsletter sites - SpyGlass and Cautious Optimism, respectively). They are great observers and even better writers - subscribe. Links in their articles are below.Big tech seems to be running scared of AI regulation. This from MG Seigler's : No MacBook Air Killer, All MacBook Air FillerMicrosoft really s**t the bed here both from a security and PR perspective. And what's left sounds very 'meh'. It's almost like Microsoft forget the 'Copilot' part of 'Copilot+ PCs'. And certainly they forgot the '+' part.MG also wrote about the EU and Apple, claiming that the EU is seeking to entrap Apple by refusing to state what Apple can and cannot do with its AI intentions. Apple, in response, is saying it will not launch AI in Europe until the EU says what product flexibility it has.You have to smile. Apple plays this game super well.Finally, he has ‘Behold the Hackquisition', which shows how big tech avoids M&A blocks by buying teams instead of companies.Alex Wilhelm's anticipation of the Circle (USDC) IPO is a great example of his regular style and substance.Peter Walker heads up data storytelling at Carta (great title). This week, he also has three pieces, all originally posted on his LinkedIn profile.‘Is there an AI bubble' (my title) examines the spread of Series A venture funding valuations. He separates the percentiles and measures the spread between them, noting that the gap between the 50th percentile and the 95th is the widest ever - even wider than 2021 and 2022. This is for SaaS rounds that include much AI.In H1 2019, the 50th percentile for pre-money valuations was $26M (Series A SaaS companies only, primary rounds). The 95th pct at that time was $96M.Now that's a pretty large gap. We're talking a 3.7x jump from the middle to the top end.But today things are even more skewed.

The Liberal Democrats began their campaign with eye-catching stunts, but it's tactical voting that may help them breach the blue wall. Peter Walker reports. Help support our independent journalism at theguardian.com/infocus

Jenna reviews Hard by the Cloud House from Peter Walker on Loose Reads. Whakarongo mai nei!

We ease into the week, with Penelope Noir chatting about Naomi Campbell on Fashun and Jenna reviewing Hard by the Cloud House from Peter Walker on Loose Reads. Whakarongo mai nei!

Big beasts have stepped down, a sitting MP has endorsed a Reform UK candidate and the prime minister has already had to have a campaign reset. Peter Walker reports. Help support our independent journalism at theguardian.com/infocus

Calling all ghost and trauma enthusiasts! The Abyss crew wants you! Join them and Laurel Hightower as they delve deep into narcissim and hauntings in her newest book: The Day of the Door. Before exploring the past they discuss Matthew M. Bartlett's Creeping Waves, Rebel Moon, A Spectre is Haunting Greentree by Carson Winter, Michael Tichy's The Winnowing Draw, Them, Late Night With the Devil, The Fall of the House of Usher, Welcome to Your Body: Lessons in Evisceration, Dredge, and Peter Walker's Complex PTSD: From Surviving to Thriving. Now, don't look behind you and listen in!   Buy The Day of the Door

Startups getting from Seed to Series A in two years has dropped by a third. It's creating a "messy middle in the earliest parts of the market," according to Peter Walker.About AVL Growth PartnersAVL Growth Partners, founded in 2009, is the leading fractional Finance and Accounting firm supporting organizations in pivoting from growth to scale. AVL brings an experienced team of CFOs, Controllers, and Accountants to your organization, delivering transparent, strategic actions for short and long-term success. Transform your financial approach affordably with AVL, supporting companies coast to coast - get to know AVL Growth Partners at avlgrowth.com. (Sponsored)About SpringTime VenturesSpringTime Ventures seeds high-growth startups in healthcare, fintech & insurtech, and logistics & supply chain. We look for founders with domain expertise, forging a path with a truly transformative technology. We only invest in software-based businesses in the USA. We bring a people-focused approach, work quickly, and reach conviction independently. Our initial check size is $600k. You can learn more about us and our approach.     

Peter Walker dubbed 2023 "The Year of the Bridge Round." In many cases, the founders did what they set out to do, it's just that the bar for Series A moved. Seed Crust: State of the Seed Market 1H 2024Most startups at Seed are circling around, unable to break through to Series A. We're calling this the Seed Crust. I recently released a market report covering: The market forces behind thisWhat it will take for this to changeThe paths forward for founders stuckDownload the report and watch the event here: https://vcminute.substack.com/p/seed-crust About AVL Growth PartnersAVL Growth Partners, founded in 2009, is the leading fractional Finance and Accounting firm supporting organizations in pivoting from growth to scale. AVL brings an experienced team of CFOs, Controllers, and Accountants to your organization, delivering transparent, strategic actions for short and long-term success. Transform your financial approach affordably with AVL, supporting companies coast to coast - get to know AVL Growth Partners at avlgrowth.com. (Sponsored)About SpringTime VenturesSpringTime Ventures seeds high-growth startups in healthcare, fintech & insurtech, and logistics & supply chain. We look for founders with domain expertise, forging a path with a truly transformative technology. We only invest in software-based businesses in the USA. We bring a people-focused approach, work quickly, and reach conviction independently. Our initial check size is $600k. You can learn more about us and our approach.     

In this episode, Peter shares the whole playbook behind running the newsletter.Right from WHY they started, the process of finding insights, how to get executive buy-in, measuring impact, and more.If you are exploring a similar practice in your industry at your organization, then this playbook will be very helpful.All this and more in this episode with Peter.Subscribe to Carta Data Minute - https://carta.com/subscribe/data-newsletter-sign-up/Connect with Peter on LinkedIn - https://www.linkedin.com/in/peterjameswalker/

The Haast's Eagle or Te Hokioi bird is the largest eagle every known to have existed. Over the centuries its existence was questioned, was it real, or was it just legend? Scientists have pored over what was known about the bulky bird and debated whether it was able to fly. In his new book, Hard by the Cloud House, Peter Walker examines the legend of Te Hokioi and its part in the avian history of Aotearoa.

In this episode of HR Heretics, Nolan and Kelli chat all things “data from Carta” with Peter Walker, Head of Insights and Data Storytelling at Carta.They discuss Carta's comprehensive report on startup compensation trends in H2 of 2023 influencing the flow of “dry powder” and the alarming increase in startup shutdowns. Peter proves VC's will have less leeway in 2024 to throw good money after bad forecasting an even tougher year ahead.The team also discuss honesty in HR around equity structures, including liquidation preferences, and Peter offers advice for job candidates on evaluating startup offers with an investor's mindset. HR Heretics is a podcast from Turpentine.Share this with your friends, forward to your enemies. Hit subscribe now.This episode is brought to you by AttioAttio is the next generation of CRM. It's powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join OpenAI, Replicate, ElevenLabs and more at https://bit.ly/AttioHRHereticsKEEP UP WITH PETER, NOLAN, + KELLI ON LINKEDINPeter: https://www.linkedin.com/in/peterjameswalker/Nolan: https://www.linkedin.com/in/nolan-church/Kelli: https://www.linkedin.com/in/kellidragovich/TIMESTAMPS:(00:00) Intro: Peter Walker and Startup Compensation Trends(00:39) VC in 2023: Dry Powder and Capital Deployment(03:02) 2023's Investment Distribution: Early vs. Late Stage(07:43) Startup Shutdowns and Future Predictions(11.13) Sponsor Ad: Attio CRM(12:09) The M&A Market for Startups(15:05) The Impact of the Economic Shift on Startup Hiring and Industry Trends(21:59) Job Offers in Today's Market(22.30) Valuations and Equity in Job Negotiations(24:07) Key Questions Candidates Should Ask About Equity(25:34) Understanding Equity and Liquidation Preferences(27:59) Transparency in Startup Equity(30:17) Educational Resources and Support for Job Candidates(34:22) Options vs. RSUs in Late-Stage Companies(37:35) Startup Compensation(41:21) The Equity Dilemma: Exercising Options and Market Realities(42:32) Post termination Exercise Window(43:49) Wrap This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit hrheretics.substack.com

Despite pressure from some Conservative MPs, the government stopped short of defining China as an official threat this week. How deep does Chinese interference in the UK go? John Harris speaks to the Guardian's foreign leader writer Tania Branigan and deputy political editor, Peter Walker. As MPs break for Easter, they also discuss the state of the Conservative and Labour parties. Help support our independent journalism at theguardian.com/politicspod

Subscribe to my newsletter The Split for new episodes emailed every week: https://www.thespl.it/ Brought to you by Attio, the next generation of CRM: https://bit.ly/AttioThePeel Peter Walker is Head of Insights at Carta and writes a newsletter called “The Data Minute”, a weekly newsletter highlighting data from over 43,000 private tech companies that use Carta's platform to manage their cap table. He gives us into a deep dive on VC valuation trends, the fundraising landscape, and startup strategies. Timestamps: (00:00) Intro (04:50) Valuation trends in 2023 (08:10) Why Seed valuations went up over the past two years (12:27) AI startups are getting higher valuations (17:40) Why Biotech might be the next big bubble (19:15) Boston as the 2nd largest VC ecosystem (21:15) How SAFE's work (24:06) The impending SAFE reckoning (26:13) Why startups don't pay dividends (28:31) Downrounds were 2x more common in 2023 (32:11) Almost half of all 2023 Series As were extensions (35:34) Is there really a lot of dry powder? (40:43) The emerging manager fundraising landscape (48:19) Exit environment (51:45) Why pre-Series B is the most common acquisition stage (52:47) Liquidation preference & why an acquisition at Seed might make a founder more money than at a Series B (55:59) Compensation market data (56:38) Why the number of total startup employees shrank in 2023 (57:38) Why startup employees aren't exercising their options (1:00:57) Health of the secondary markets (1:04:51) Most co-founder splits aren't 50/50 (1:06:47) Why you should always vest co-founder equity (1:09:30) 2023 record year for startup shutdowns (1:17:19) Will other startup ecosystems ever catch Silicon Valley? Links: Carta's Q4 ‘23 Private Market Report: https://carta.com/blog/state-of-private-markets-q4-2023/ Peter's Newsletter: https://carta.com/subscribe/data-newsletter-sign-up/ Where to find Peter: Twitter: https://twitter.com/PeterJ_Walker LinkedIn: https://www.linkedin.com/in/peterjameswalker/ Where to find Turner: Twitter: https://twitter.com/TurnerNovak LinkedIn: https://www.linkedin.com/in/turnernovak/ Newsletter: https://www.thespl.it/

Starting April 15th: Join Carta's Head of Insights, Peter Walker, as he breaks down the data that's fueling today's most fascinating trends in startups, VC, and the private market ecosystem. Featuring guests from across the venture industry — from founders to investors, and everyone in between — each new Data Minute is a bite-sized breakdown of the metrics, patterns, and important insights you need to navigate the ever-changing world of startups.This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

This week at The Rosin Box, hosts Claire Kretzschmar and Soloist Aarón Sanz are joined by NYCB dancers and "real-life" couple Emily Kikta and Peter Walker to talk about partnering—onstage and off. Peter and Aarón share their memories of learning from legendary former Principal Dancer Jock Soto, who taught partnering at the School of American Ballet when they were students, while Claire and Emily reflect on the ways in which pas de deux challenge their stamina while offering opportunities to take risks. The most important element for a successful partnership, they all agree, is simple, if not always easy: communication. (56:23)  Edited by Emilie Silvestri Music: "Je ne t'aime plus" by Pink Martini Courtesy of Pink Martini & Heinz Records

As we navigate the tumultuous currents of the startup world, we're thrilled to welcome back Peter Walker, Carta's Head of Insights. He comes with a treasure trove of data shedding light on the twists and turns of 2023 and what may lie ahead in 2024. We see the impact on the national level, from pre-seed to late stage, and how it is affecting founders and funders from Austin to Silicon Valley.Episode HighlightsDespite talks about 2023 being the worst year in a decade for startup fundraising, the reality was more about the severe whiplash being felt from the highs of 2021/2022, as significant capital was still being deployed.With the high number of bridge rounds and the leveling off of capital raised, questions remained about whether the market has hit bottom or if there are still less viable startups to churn through.Amidst the flight to quality, startups are increasingly striving for runway and self-sufficiency, whether with new AI tools, creative hiring, or greater efficiency.Austin was ranked as the number five market for total capital raised and performed well across a variety of industries, demonstrating a broad-based ecosystem that sets it apart from other growing ecosystems.What's Next Austin?"Is the difference between Austin and, LA, New York, Boston, San Francisco, merely a question of scale? What percentage of people who have a lot of disposable income take some of that and put it into startups? Maybe that's the scale. That's like the next part up. And candidly, I think Austin could probably surpass places like LA in that without too much difficulty over the next three or five years."Startups & Statistics: Analyzing 2023's Story & Anticipating 2024 SlidesPeter Walker: LinkedIn, Twitter, The Data Minute NewsletterCarta: Website, LinkedIn, Twitter -------------------Austin Next Links: Website, X/Twitter, YouTube, LinkedIn

60% startups dont split equity 50-50The conversation with Peter Walker covers various topics related to startups, including structuring compensation packages, equity distribution among early hires, co-founder splits, raising capital, startup failure rates, and alternative financing options. Peter shares insights based on data from Carta, providing valuable information for founders and investors. The conversation highlights the challenges and opportunities in the startup ecosystem, particularly in the context of the changing landscape in 2023. Overall, the discussion provides valuable insights into the world of startups and venture capital. In this conversation, Peter Walker discusses various aspects of venture capital and startup funding. He provides insights into different funding rounds, including pre-seed, seed, and series A. He also highlights the changing valuations in the venture capital landscape. Peter shares his thoughts on concerns about investment in SaaS startups and the differences between B2B and B2C SaaS companies. He discusses the trends he is excited about in 2024, including the shift towards capital-efficient startups and the growth of hard sciences. Peter emphasizes the importance of data storytelling and shares his perspective on the future of AI. He also discusses red flags to watch out for in cap tables.Chapters00:00 Introduction00:38 Understanding Peter Walker's Background02:21 The Best and Worst Parts of Peter's Job03:44 Structuring Compensation Packages in 202307:11 Equity Distribution Among First Five Hires10:45 Factors Influencing Co-Founder Split and CEO Background15:09 The Impact of 2023 on Startups19:11 Raising Capital as a Success Metric21:34 Startup Failure Rates and Reasons for Closure25:24 Exploring Alternative Financing Options29:18 Evaluating Startups and Factors Influencing Valuation34:13 The Use of SAFEs in Fundraising36:25 Raising Multiple SAFEs and Conversion39:46 Comparison of Valuations in Pre-Seed, Seed, and Series A Rounds41:28 Pre-Seed and Angel Rounds42:28 Seed Rounds43:26 Series A44:46 Later Stage Rounds45:29 Investor Concerns about SaaS Startups46:43 B2B vs B2C SaaS Companies48:44 Future of Crypto, Web3, and AI50:43 Trends in 202456:19 Importance of Data Storytelling58:55 Cap Table Red FlagsConnect with Mudassir

Carta's Head of Insights, Peter Walker, our hosts to discuss the implications of economic rate cuts, company shutdowns, and the challenges founders face during fundraising. The discussion also covers the best investment opportunities today and the importance of equity for employees and organizational health in companies.

British Prime Minister Rishi Sunak has declared it's time to end what he calls “the war on motorists.” First, the Conservative Party leader announced he was delaying the UK's commitment to ban the sale of new gas-powered cars. He followed that with what he called his “plan for motorists,” which would severely restrict local efforts to implement low-traffic neighborhoods, 20 mph speed limits, bus-only lanes, and other policies intended to benefit people walking, cycling, and taking transit. Finally, he scrapped a major portion of HS2, a high-speed rail line linking some of the UK's biggest cities. So… what the hell is happening in the UK? With similar setbacks in Berlin, Madrid, New York and elsewhere, is this part of a broader global backsliding? Are we losing the The War on Cars or is the prime minister just grasping at culture-war straws? The Guardian's Peter Walker returns to the podcast to help us figure it all out. ***Support The War on Cars on Patreon and receive access to ad-free versions of all our episodes, exclusive bonus content and stickers.*** This episode is produced with support from Cleverhood. Listen to the episode for the latest Cleverhood discount code. SHOW NOTES: “Sunak ‘backs drivers,' announces scaling back of HS2, and delays the UK's ban on gas-powered vehicles by five years. (Peter Walker & colleagues, The Guardian) Rishi Sunak says he's “slamming the brakes on the war on motorists.” (The Sun) King Charles III makes his first “King's Speech.” (YouTube) British Transport Secretary Mark Harper on “sinister” 15-minute-city plans. (The Independent) Hear Peter Walker discuss his book, The Miracle Pill, on this Patreon bonus episode of The War on Cars. Pick up Peter Walker's How Cycling Can Save the World at our official Bookshop.org page. See The War on Cars LIVE at Caveat on NYC on Wednesday, January 31st. Tickets are going fast! Register for the Winter Cycling Congress, February 22-24 in Edmonton, Alberta, Canada. We will be there! Buy official War on Cars merch at our store.  Find us on Bluesky, Mastodon, Instagram, Facebook and Threads. Follow and review us on Apple Podcasts.  TheWarOnCars.org

The supreme court has ruled that the government's plan to deport asylum seekers to Rwanda is unlawful. Peter Walker explains what happens next. Help support our independent journalism at theguardian.com/infocus

Hearings for the government Covid inquiry resume today in Westminster with former Downing Street adviser Dominic Cummings slated to appear this week. Peter Walker reports on the story so far. Help support our independent journalism at theguardian.com/infocus

In this episode, we discuss the various "defense systems" we have access to when we feeling unsafe and threatened. We look at these through an evolutionary lens, but more specifically, how they show can show up in an unhealthy way in our day-to-day life. Most of us are familiar with the fight, flight, and freeze, but fewer of us are aware of the fourth, fawn. We go into detail about the fawn response and how to bring awareness to these patterns.You can learn more about the fawn response, coined by Peter Walker, at this link.As always, if you'd like to get free access to my resource library, including guided meditations, book recommendations, app recommendations, and more, text your email address to: +1 (631) 337-8298And if you'd like to get daily inspirational text messages to your phone from me, just text the word "podcast" to +1 (631) 305-2874