"The guest argued that early attempts to package illiquid venture capital and private equity assets into liquid retail structures are plagued by high fees, negative selection, and deceptive marketing."

"The speakers argued that public closed-end funds and proxies tracking hot private companies like SpaceX and OpenAI are highly risky due to severe liquidity mismatches and low floats."

"Schiff warns that the publicly traded vehicle representing SpaceX is highly overvalued due to an unsustainably tight float and unproven long-term commercial space viability."