In this conversation, Aman Verjee, founder and general manager of Practical Venture Capital, discusses how history can help investors and business leaders understand financial bubbles, technological disruption, and the rapid rise of artificial intelligence. Drawing on his experience at PayPal, Sonos, 500 Startups, and in venture capital, Verjee explains how secondary investing can provide access to more mature venture portfolios after early-stage risks have begun to resolve. He also explores lessons from historic bubbles including Tulip Mania, the South Sea and Mississippi bubbles, the UK railway boom, and the dot-com era, distinguishing between speculative bubbles that destroy value and technology-driven bubbles that leave behind useful infrastructure and innovation. The conversation connects these historical patterns to today's AI investment cycle, the future of work, and the skills younger generations will need to remain valuable as technology reshapes industries. Takeaways Practical Venture Capital focuses on secondary investing, providing liquidity to limited partners, executives, and shareholders while gaining access to companies and funds later in their development.Secondary venture investing can help investors avoid some of the early losses and uncertainty associated with the traditional venture capital J-curve.Venture portfolios often become easier to evaluate after five to seven years, when weaker companies have declined and successful companies begin driving a larger share of returns.Financial bubbles throughout history often share recurring conditions, including prosperity, concentrated wealth, abundant capital, speculation, and expectations that prices will continue rising.The popular narrative surrounding Tulip Mania exaggerates its broader economic impact, with much of the speculation concentrated among a relatively small group of traders using forward contracts.The South Sea and Mississippi bubbles demonstrate how government involvement, financial engineering, aggressive promotion, and speculative enthusiasm can push valuations far beyond underlying business performance.Some bubbles can produce long-term economic benefits even when investors lose money, as seen with the UK railway boom and the dot-com era, which created infrastructure, companies, talent, and technologies that fueled later growth.AI may resemble these productive technology bubbles because intense investment is accelerating innovation, forcing established companies to compete, and rapidly expanding access to powerful new tools.Technological progress regularly eliminates certain job categories, but history shows that new industries, occupations, and opportunities tend to emerge alongside productivity improvements.Future workers should pursue areas where they have genuine ability and interest while developing strong AI literacy, technical fluency, critical thinking, and the ability to recognize when AI-generated information is unreliable. Today's guest, Aman Verjee, can be found at: Website: https://practicalvc.com/ LinkedIn: https://www.linkedin.com/in/aman-verjee/ Your host, Scott Turman, can be found online at: Website: https://scottturman.com/, https://brightray.com/ LinkedIn: https://www.linkedin.com/in/scottturman/ IMDb: https://www.imdb.com/name/nm14602682/ Keywords venture capital, secondary investing, private markets, venture funds, limited partners, liquidity, J-curve, portfolio returns, power law, financial bubbles, economic history, market cycles, speculative bubbles, Tulip Mania, Dutch Golden Age, forward contracts, South Sea Bubble, Mississippi Bubble, John Law, Isaac Newton, UK railway boom, railway investment, dot-com bubble, internet economy, financial speculation, market valuations, technology investing, artificial intelligence, AI investing, AI bubble, technological innovation, economic growth, infrastructure investment, productivity, automation, future of work, workforce disruption, employment, AI literacy, coding