Summation with Auren Hoffman

Ben Miller is the co-founder and CEO of Fundrise, an alternative asset management platform that gives individual investors access to private real estate, private credit, and venture capital. In March 2026, he listed the Fundrise Innovation Fund on the NYSE under the ticker VCX, one of the first publicly traded venture capital funds. VCX gives retail investors direct exposure to private companies like Anthropic, OpenAI, Databricks, and SpaceX. The fund manages over $650 million and has over 100,000 individual investors. Ben is a returning Summation guest.
In this episode of Summation, Ben and Auren discuss:
Why VCX traded up 700% on day one while Bill Ackman's fund traded down the next week
Why ETFs fall apart for private markets and closed-end funds are the right structure
How AI will reshape real estate by 2031 and which markets get hit hardest
The hidden truth that SoHo, Wynwood, and Miami Beach were all built by the same person
You can find Auren Hoffman on X at @auren and Ben Miller on X at @benmillerise

Ralph Goff is a 35-year veteran of the CIA, having served as a six-time Chief of Station across Europe, the Middle East, and Central and South Asia. During his career, he also held the roles of Chief of Operations for Europe and Eurasia and Chief of the CIA's National Resources Division. Since leaving government, he advises on national security issues and speaks publicly on intelligence, geopolitics, and great power competition.
In this episode of Summation, Ralph and Auren discuss:
Why blackmail almost never works in espionage and ideology still does
Who is actually dying for Putin
Why China is the biggest winner of the Ukraine war
How technological surveillance transformed CIA tradecraft 
You can find Auren Hoffman on X at @auren and Ralph Goff on Linkedin

Glenn Youngkin was the 74th Governor of Virginia. Before politics, he spent nearly 25 years at The Carlyle Group, one of the largest private equity firms in the world, where he rose to co-CEO. During his four-year term, Virginia generated $10B in surplus revenue, delivered $9B in tax relief, attracted $156B in capital investment, and became one of the first states in the country to mandate cell-phone-free classrooms.
In this episode of Summation, Glenn and Auren discuss:
Why every Virginia state agency got OKRs and how it transformed a 110,000-person government
Why decommissioning baseload power was one of the dumbest decisions ever made 
How Loudoun County gets more than 25% of its tax base from data centers
How a startup used AI to cut more Virginia regulations in 7 months than 3 years of manual work
You can find Auren Hoffman on X at @auren and Glenn Youngkin on X at @GlennYoungkin

Marco Zappacosta is the co-founder and CEO of Thumbtack, the home services marketplace he started in 2008. Thumbtack connects homeowners to 300,000+ local service professionals, with nearly 100M projects started on the platform. 
In this episode of Summation, Marco and Auren discuss:
Why home services is bigger than groceries but barely any is booked online
How AI collapsed Thumbtack's product pod sizes
Why Silicon Valley underrates leadership and overrates management 
The single trait to screen every executive hire for
You can find Auren Hoffman on X at @auren and Marco Zappacosta on X at @mlz

Eric Ries created the Lean Startup methodology and authored the bestselling book of the same name, which has sold over a million copies. He's also the founder and executive chairman of the Long-Term Stock Exchange, the co-founder of Answer AI (an AI R&D lab), and the author of the upcoming book Incorruptible, releasing May 26th.
In this episode of Summation, Eric and Auren discuss:
why "bad governance" companies have outperformed "good governance" since 2008
financial gravity - the invisible force that bends companies away from their mission
the foundation-controlled blueprint behind Novo Nordisk, IKEA, and Zeiss
why vibe coding is headed for its Chernobyl moment
You can find Auren Hoffman on X at @auren and Eric Ries on X at @ericries