EPISODE · Jan 14, 2026 · 1H 44M
Why LatAm Beats Other Emerging Markets, 2026 IPOs, & Discord Valuation | Guest Nathan Lustig | Ep19
from trading places · host Practical Venture Capital
In this episode of Trading Places, Dave McClure and Aman Verjee break down the reopening IPO market, sky-high AI valuations, and the growing push for private-market liquidity — before diving deep into Latin America’s venture ecosystem with Nathan Lustig (Magma Partners) and Karin Tenenboim (Practical VC).Karin explains why Latin America has quietly outperformed other emerging markets on $1B+ exits, how Brazil’s Pix payments system changed fintech overnight, and why secondaries are still underdeveloped across the region. The episode closes with a valuation corner on Discord, including its rejected Microsoft offer and what its IPO might look like today.Timestamps0:00 - cold open[ tech & vc news ] 1:24 - 2026 IPO market opens 🏁4:31 - a16z raises $15B across several funds 🥇6:38 - Top 10 VC firms in the world 12:36 - China blocks Manus ✋16:16 - Bill Gurley on AI 24:15 - Anthropic, OpenAI, xAI valuations 💸32:15 - Discord & Strava IPOs 🔔37:29 - G Squared + Nasdaq team up for private market liquidity 🤝40:09 - [ intvw: Nathan Lustig / Magma Partners ]40:26 - Nathan Lustig background and moving to Chile40:34 - Karin Tenenboim on PVC LatAm strategy 🌎49:25 - Brazil Pix payments breakthrough 52:45 - Mottu vertical stack (Motorcycle leasing/logistics) 🏍️1:07:30 - Investing strategy in LatAm1:08:56 - PVC + Magma LatAm 2ndry Fund partnership 🥳1:33:59 - [ val corner: Discord IPO ]1:34:36 - What is Discord 🗣️1:42:07 - 2021 valued at $14.7B / $15B 📈1:43:24 - Rejected $12B Microsoft offer 🚫1:43:24 - Valuation today 🤔1:44:19 - second takes[ links ] [ invest = https://practicalvc.com ] [ trading places socials = www.linktr.ee/tradingplacespod ] [ nathan lustig = https://www.linkedin.com/in/nathanlustig | https://x.com/nathanlustig ] [ magma partners = https://magmapartners.com ] [ karin tenenboim = https://www.linkedin.com/in/ktenenboim | https://x.com/@LadyChutzpa ] [ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ] [ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]Thank you for watching#VentureCapital #StartupInvesting #LatinAmericaTech #VCSecondaries #DiscordIPO #NathanLustig
What this episode covers
In this episode of Trading Places, Dave McClure and Aman Verjee break down the reopening IPO market, sky-high AI valuations, and the growing push for private-market liquidity — before diving deep into Latin America’s venture ecosystem with Nathan Lustig (Magma Partners) and Karin Tenenboim (Practical VC).Karin explains why Latin America has quietly outperformed other emerging markets on $1B+ exits, how Brazil’s Pix payments system changed fintech overnight, and why secondaries are still underdeveloped across the region. The episode closes with a valuation corner on Discord, including its rejected Microsoft offer and what its IPO might look like today.Timestamps0:00 - cold open[ tech & vc news ] 1:24 - 2026 IPO market opens 🏁4:31 - a16z raises $15B across several funds 🥇6:38 - Top 10 VC firms in the world 12:36 - China blocks Manus ✋16:16 - Bill Gurley on AI 24:15 - Anthropic, OpenAI, xAI valuations 💸32:15 - Discord & Strava IPOs 🔔37:29 - G Squared + Nasdaq team up for private market liquidity 🤝40:09 - [ intvw: Nathan Lustig / Magma Partners ]40:26 - Nathan Lustig background and moving to Chile40:34 - Karin Tenenboim on PVC LatAm strategy 🌎49:25 - Brazil Pix payments breakthrough 52:45 - Mottu vertical stack (Motorcycle leasing/logistics) 🏍️1:07:30 - Investing strategy in LatAm1:08:56 - PVC + Magma LatAm 2ndry Fund partnership 🥳1:33:59 - [ val corner: Discord IPO ]1:34:36 - What is Discord 🗣️1:42:07 - 2021 valued at $14.7B / $15B 📈1:43:24 - Rejected $12B Microsoft offer 🚫1:43:24 - Valuation today 🤔1:44:19 - second takes[ links ] [ invest = https://practicalvc.com ] [ trading places socials = www.linktr.ee/tradingplacespod ] [ nathan lustig = https://www.linkedin.com/in/nathanlustig | https://x.com/nathanlustig ] [ magma partners = https://magmapartners.com ] [ karin tenenboim = https://www.linkedin.com/in/ktenenboim | https://x.com/@LadyChutzpa ] [ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ] [ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]Thank you for watching#VentureCapital #StartupInvesting #LatinAmericaTech #VCSecondaries #DiscordIPO #NathanLustig
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Why LatAm Beats Other Emerging Markets, 2026 IPOs, & Discord Valuation | Guest Nathan Lustig | Ep19
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