79 The anatomy of busts: comparing the VC market across three cycles with Kealan Doyle of Symvan Capital

<p>When planning this episode with Kealan Doyle of Symvan Capital, he told a story about a venture capital conference where the compere asked who had been through a downturn before and nobody raised their hands. So we decided to discuss the last couple of venture capital cycles and how previous downturns compare with the current one. We also talk about some of the secular changes that have taken place over this period.</p><p>We start by looking back to the .com bubble at the turn of the century. We examine some of its main features, including how much of the action took place in quoted markets and the limited effects on the economy.</p><p>Next we look at the Great Recession. Although driven by the collapse in housing, particularly in the US, it affected every asset market. We go through the main features, including how venture capital saw a big downturn and, initially, a long slow recovery. </p><p>We then briefly go through what happened in the past decade and how the current downturn came about. We talk about valuations, supply of capital and the unevenness of the current market. We also take our lives in our hands and speculate about how the VC market will develop over the next couple of years. </p><p><strong>Links</strong></p><p>Symvan website - <a href="https://www.symvancapital.com/" rel="noopener noreferrer" target="_blank">https://www.symvancapital.com/</a></p><p><br></p><p>Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen</p><p><br></p><p><strong>Suggested book and film</strong></p><p><a href="https://www.amazon.co.uk/placeholder_title/dp/B0B7534Z8F/ref=sr_1_1?crid=KZRYBBFB0XR0&amp;keywords=turn+every+page+film&amp;qid=1690203851&amp;sprefix=turn+ever%2Caps%2C81&amp;sr=8-1" rel="noopener noreferrer" target="_blank">Turn Every Page: The Adventures of Robert Caro and Robert Gottlieb</a></p><p><a href="amazon.co.uk/Path-Power-Years-Lyndon-Johnson/dp/1847926150/ref=sr_1_1?crid=327J5BV4N18WE&amp;keywords=robert+caro+lyndon+johnson&amp;qid=1690203974&amp