Sourcery

Michel Del Buono, CIO of Andreessen Horowitz’s multi-family office Perennial, breaks down how Silicon Valley’s top founders and investors manage wealth after massive liquidity events.
Perennial was built after Marc Andreessen and Ben Horowitz saw a major gap: traditional wealth managers weren’t delivering institutional-quality investment advice, while institutional asset managers weren’t built for taxable individuals. 
In this episode, we go deep on how portfolios should be constructed when you’re managing $50M to $1B+, including how to prepare for potential mega-events like a SpaceX IPO — which could be one of the largest in history. 
We cover:
Why most wealth management portfolios are misaligned

The structural flaws of RIAs vs institutional asset managers

How to manage concentrated stock positions pre- and post-IPO

Why venture capital returns are driven by extreme dispersion

How taxes, fees, and structure can drive hundreds of basis points of alpha

Why volatility is one of the biggest opportunities for long-term investors

The rise of multi-family offices in Silicon Valley

Michel also explains why many founders make critical mistakes immediately after their first liquidity event — and how to avoid them.
If you’re building, investing, or approaching a major liquidity event, this is a masterclass in how wealth is actually managed at scale.

Michel Del Buono: https://www.linkedin.com/in/mdelbuono/ 
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒
YouTube : https://youtu.be/eiu81s0iyj8

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery
Follow Sourcery for the latest updates!
https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Steve Huffman, Co-Founder and CEO of Reddit, joins Sourcery at Reddit's San Francisco HQ for a deep dive into how Reddit became one of the strongest businesses in social media — and why it may be even more important in the AI era.
On its 2-year anniversary as a public company (NYSE: $RDDT), we cover Reddit’s 2024 debut on the New York Stock Exchange (NYSE), including how the company brought its community along for the ride through one of the largest directed share programs in tech IPO history—allowing Reddit users to buy shares at the IPO price.
From $12M in revenue in 2015 to $2.2B in 2025, Reddit has quietly built one of the most durable social platforms on the internet. A core idea from this conversation: Reddit is built on real humans — and as Steve puts it, there needs to be an “ass in seat.”
As AI agents, bots, and synthetic content flood the internet, Reddit is doubling down on authenticity, human conversation, and community-driven moderation — while also becoming one of the most valuable data sources powering top AI models.
We cover:
Reddit’s NYSE IPO and why Steve recommends going public

Why Reddit’s ad business is working while others struggle

How Reddit became critical training data for companies like OpenAI and Google

The “ass in seat” philosophy and why human presence matters

How Reddit handles bots, agents, and AI-generated content

Why Reddit may have cracked the social media business model

Steve’s contrarian take on IPOs and building long-term companies

Reddit by the numbers:
121M Daily Active Uniques

471M+ Weekly Active Uniques

100K+ Active Communities

24B+ Posts & Comments

$2.2B Annual Revenue (2025)

If you want to understand where the internet is heading — and why human communities may matter more than ever — subscribe to Sourcery.

Steve Huffman: https://www.linkedin.com/in/shuffman56/  
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube: https://youtu.be/iV-nhcDTvdw

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery
• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery
Follow Sourcery for the latest updates!
https://www.sourcery.vc/

Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Alex Bouaziz is the co-founder and CEO of Deel, the global payroll and workforce infrastructure company that has rapidly become the #1 platform for hiring and paying employees worldwide. Founded in 2019, at only 7 years old, Deel has scaled to $1.4B+ ARR, a $17.3B valuation, and 40K+ customers across 150+ countries. 
In this conversation, Alex breaks down how Deel became one of the fastest-growing software companies in the world, building the infrastructure that allows companies to hire, manage, and pay talent anywhere globally.
We discuss Deel’s unique M&A playbook, including 10+ acquisitions used to rapidly expand payroll, HR, and compliance capabilities across markets, and how the company has built its own global payroll infrastructure across countries.
Despite its rapid growth, Deel has also achieved profitability while scaling past $1B+ in revenue, an uncommon milestone for a company growing at this speed.
Alex also discusses the company’s recent $17.3B valuation & funding round backed by Ribbit Capital, Coatue, and a16z, how Deel scaled globally, and why he believes AI and autonomous agents will fundamentally reshape the future workforce.
Topics include:
• Scaling Deel to $1.4B+ ARR
• Serving 40K+ companies across 150+ countries
• Deel’s 10+ acquisition M&A strategy
• Building a profitable hypergrowth SaaS company
• The future of global hiring and distributed teams
• How AI agents will transform the workforce
Subscribe to Sourcery for conversations with the founders and investors shaping the future of technology, AI, and global business.

Alex Bouaziz: https://x.com/Bouazizalex  
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube : https://youtu.be/Z6rW2hVczn0

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at GetVCX.com
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!
https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Alex Immerman, General Partner on Growth at Andreessen Horowitz (a16z), joins Sourcery to break down how one of Silicon Valley’s most influential firms is investing across AI, fintech, autonomous vehicles, and growth-stage software.
With a fresh $6.75B Growth fund, a16z Growth now manages over $22B across five Growth funds. Alex discusses how a16z evaluates category leaders, what separates private markets from public markets today, and why firms are rethinking old metrics in the AI era. He also goes deep on some of a16z’s highest-profile portfolio companies and investments including Waymo, Kalshi, Coinbase, Robinhood, Stripe, Revolut, ElevenLabs, Flock Safety, and more.
We cover:
• Why private markets now hold much of the highest-growth opportunity
• Waymo’s growth, valuation, market share, and the future of autonomous driving
• Why a16z backed Kalshi and what makes prediction markets so compelling
• ElevenLabs, voice AI, and how breakout AI companies build defensibility
• The new AI underwriting framework: growth, engagement, retention, and margins
• How a16z scaled from startup VC to capturing 18% of all U.S. venture dollars
• Why market leaders capture outsized value and how a16z thinks about winning
If you enjoy interviews at the intersection of venture capital, AI, fintech, public markets, and frontier technology, subscribe to Sourcery for more.

Alex Immerman: https://x.com/aleximm 
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube: https://youtu.be/MLXYJZAikBc

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery
Follow Sourcery for the latest updates!
https://www.sourcery.vc/
Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.
 
𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Alex Immerman, GP a16z
(00:53) Flock Safety: The most underrated company in America
(03:43) Private vs public market growth gap
(04:43) Do gross margins matter in AI companies?
(06:33) Waymo’s growth and $16B funding round
(08:13) The future of ride sharing and autonomous vehicles
(10:01) Where the value in self driving tech will accrue
(12:27) Tesla FSD vs Waymo’s full stack approach
(13:50) The growing brand power of Waymo
(15:43) What comes after autonomous cars? Humanoid robots
(17:41) Are people really worried about AI taking over?
(18:55) Inside ElevenLabs’ $500M funding round
(22:12) The real world use cases of voice AI agents

Gili Raanan is the Founder of Cyberstarts and one of the earliest investors behind Wiz, one of the most important cybersecurity companies of the modern era and now a $32B outcome. Before founding Cyberstarts, Gili spent nearly a decade at Sequoia and earlier built and sold 2 security companies to IBM and EMC. He also helped build the first real CAPTCHA implementation and the first web application firewall.
In this conversation, Gili breaks down the Wiz story from the beginning: why he backed the team early with a $6M seed investment, how the company changed direction, what made its product market fit so powerful, and why its go to market motion scaled so unusually fast. He explains what made the founding team exceptional, what he learned from watching Wiz scale from a $66M seed valuation, and why he believes the next great cybersecurity company could be even bigger.
Beyond Wiz, Gili shares the Cyberstarts framework for investing before product, team, or code exists, why he underwrites people over ideas, and how AI agents are changing the future of cybersecurity. Today Cyberstarts has raised $1.5B+ across 7 funds, backed 30 companies, and its portfolio represents over $61B in combined value (50% of the worldwide private cybersecurity companies market).
We cover:
• The early days of Wiz and how the company evolved from seed to a $32B outcome
• Why Wiz achieved such strong product market fit
• What made Assaf and the founding team special
• How Cyberstarts picks founders before there is product or code
• Why Gili believes AI could create the darkest decade in cybersecurity
• What the next generation of $50B–$100B cyber companies could look like
Subscribe for more conversations with top founders, investors, and operators shaping technology, capital, and the future.

Gili Raanan: ⁠https://www.linkedin.com/in/giliraanan/⁠ 
Molly O’Shea: ⁠https://x.com/MollySOShea⁠ 
Sourcery: ⁠⁠https://x.com/sourceryy⁠ 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube : https://youtu.be/yTlEfdo4MVM

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• ⁠Brex⁠—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. ⁠https://brex.com/sourcery⁠
• ⁠Turing⁠—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. ⁠https://turing.com/sourcery⁠• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com • ⁠Deel⁠—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: ⁠https://www.deel.com/sourcery⁠
• ⁠Public⁠—Investing platform Public just launched ⁠Generated Assets⁠, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. ⁠https://public.com/sourcery⁠

Follow Sourcery for the latest updates!
⁠https://www.sourcery.vc/⁠

Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at ⁠public.com/disclosures/ga⁠. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.