The discussion provides no sufficiently supported buy or sell recommendation for the named companies; OpenAI, Cognition, and SpaceX are mentioned only as private holdings, without investment terms or valuation details. Treat venture funds such as Anti-Fund and Mantis as high-risk, illiquid investments, and assess realized returns—especially cash returned to investors—rather than celebrity branding or paper valuations. For private-company exposure, avoid paying sharply higher secondary-market prices unless business performance has improved to justify the valuation.

OpenAI

• Jake Paul said he is an investor in OpenAI.
• He also said he advised the company on launching a social app for Sora and granted permission to use his name, image, and likeness for videos. The discussion highlighted how an investor’s audience and marketing experience can help a company gain attention, but gave no details on his investment’s terms or performance.

Takeaways

• The discussion points to distribution and marketing as potential advantages for technology companies, alongside their products. It provides no basis to assess OpenAI’s valuation or investment prospects.

Cognition

• Jake Paul named Cognition as one of his investments, but the podcast did not discuss the company’s performance, valuation, or investment thesis in detail.

Takeaways

• Treat this as a disclosed holding, not a specific endorsement or recommendation.

SpaceX

• Jake Paul said he is an investor in SpaceX. SpaceX also came up later as an example of a company involved in venture firms’ late-stage investing and share sales.
• No investment terms, valuation, or return figures were provided.

Takeaways

• The discussion underscores that private-company shares may be bought or sold in secondary transactions, but those transactions do not by themselves establish a company’s underlying value.

Anti-Fund

• Jake Paul said he had raised $100 million for his venture fund, the Anti-Fund, and had already deployed that capital while raising it.
• He described a barbell approach: investing at the earliest stages and in selected growth-stage companies with established track records.
• He said the fund aims to compete with traditional venture firms on measures such as DPI and IRR, and described attention, marketing, and branding as ways he can support portfolio companies.

Takeaways

• The fund’s strategy combines early-stage risk with later-stage investing; neither approach guarantees returns.
• The conversation emphasizes judging venture funds by realized results, especially cash returned to investors, rather than by attention or headline valuations.

MVP and PFL

• Jake Paul said his boxing and MMA company, MVP, had merged with the PFL and was seeking to compete with the UFC.
• He argued that the UFC pays fighters roughly 15% of revenue, compared with about 50% in other major professional sports leagues. He said MVP aims to attract fighters by offering a larger share of event economics, allowing sponsorships, and avoiding shelving fighters.
• He said MVP has 400 fighters across boxing and MMA and described women’s boxing as an area the company has helped expand.

Takeaways

• The investment thesis discussed is that fighter compensation and access to high-profile bouts may create an opening for a competitor to the UFC.
• The transcript does not provide MVP or PFL financials, market share, or a specific investment opportunity for listeners to act on.

Mantis Venture Fund

• The Chainsmokers described Mantis as a venture firm focused on cybersecurity, AI, infrastructure, deep tech, and health tech.
• The firm invests in Series A companies and generally does not take lead positions, instead aiming to support founders with connections, branding, and go-to-market help.
• The guests said their fame can help open doors, but can also make institutional investors cautious. They emphasized that consistent returns matter more than celebrity status.
• They described venture capital as difficult and highly concentrated: one chart they discussed showed the top 5% of investors generating 90% of returns.

Takeaways

• Mantis’s approach highlights the potential value of sector focus and practical support for startups, but venture investing remains a high-risk, long-duration, and often illiquid activity.
• The guests’ comments suggest evaluating a venture fund’s realized returns and ability to return cash—not just its brand, deal access, or paper valuations.

Underdog Fantasy

• A Mantis guest cited Underdog Fantasy as one of the fund’s companies and said it had produced one of the fund’s first meaningful liquidity events.
• No amount, valuation, or return was disclosed.

Takeaways

• The example illustrates why realized liquidity matters to venture investors, but the podcast provides too little detail to assess the investment’s overall outcome.

Dandy

• A Mantis guest described Dandy, a Fund I company, as continuing to double each year and beginning international expansion.
• The guest said this was an investment they intended to continue holding, but gave no revenue, valuation, or return figures.

Takeaways

• The discussion identifies business growth and international expansion as reasons the guest remained optimistic about Dandy.
• Investors should distinguish reported growth from realized returns; the transcript does not provide enough information to independently evaluate the company.

Uber (UBER)

• The panel discussed Uber as an example of a company that investors initially rejected because it operated in the physical world and carried perceived liability risks.
• One participant recalled investing in a late Uber funding round and having made only about $25 on that investment to date.
• Another participant said Uber had once represented 99% of his net worth, prompting him to sell some shares, while retaining a significant position.

Takeaways

• The conversation illustrates two venture-investing challenges: early investors may underestimate unconventional businesses, and even a promising company can leave investors waiting a long time for returns.
• The speakers’ experiences are anecdotes, not a current recommendation on Uber stock.

Robinhood (HOOD)

• The panel described Robinhood as a company that was dismissed by some investors early on.
• One participant said he passed on an early opportunity because the company’s approach conflicted with his prior assumptions—a decision he later called a billion-dollar mistake.
• He also said he bought Robinhood shares at about $9 in the public market and had not sold them.

Takeaways

• The discussion highlights the risk of rejecting a business solely because it does not fit familiar patterns—and the opposite risk of relying too heavily on a compelling founder or story.
• The participant’s holding and purchase price are personal anecdotes, not a recommendation.

Airbnb (ABNB) and Other Venture Examples

• Airbnb and Uber were cited as examples of companies that investors may initially find difficult to underwrite because their success is not obvious at the outset.
• The panel also mentioned late-stage or secondary-market activity involving Stripe, SpaceX, Zipline, Vast, and Adams. The conversation described investors seeking exposure to later-stage companies and existing investors sometimes selling shares; it did not provide enough detail to evaluate these companies or transactions.

Takeaways

• In private markets, demand for shares and rising valuations can reflect interest in a company, but do not necessarily demonstrate improved business performance.
• The speakers cautioned that some investors may pay two or three times a company’s prior valuation without a corresponding change in its underlying performance.

Venture Capital, Private-Market Liquidity, and Valuations

• The guests described venture investing as long-duration and illiquid, with most companies unlikely to become major winners.
• They discussed concentrating follow-on capital in the strongest companies, while also weighing when to sell shares and return cash to investors.
• One guest said a company should not be considered a unicorn based only on paper valuation, and argued that reaching $1 billion in revenue is a more meaningful benchmark.
• They described sharp valuation increases without underlying performance changes, including expensive secondary transactions, as signs of possible bubble-like behavior.

Takeaways

• For private-market investments, pay attention to business performance, valuation, and the path to actual liquidity—not just fundraising headlines or paper marks.
• The transcript’s clearest caution is that rapidly rising valuations without matching operating progress may signal excess in the market.
• The discussion does not identify any cryptocurrency or provide a specific public-market price target or buy/sell recommendation.