Briac

Last fall, NYPPEX Private Markets issued a report about how secondary market investors were overvaluing VC-backed juggernauts Facebook and Twitter. Not only were they paying more for their shares than were venture capitalists, but they were getting common stock instead of preferred stock. Now, NYPPEX is planning to release a new report suggesting that only two things have changed: (1) Secondary market investors are overpaying by even more; and (2) Facebook and Twitter have been joined by Tesla Motors. "In effect, they are betting on further significant revenue growth and a highly successful IPO," says Larry Allen, managing member of NYPPEX. "If one of those two events do not materialize, then today's secondary investors may be providing the exit." Let's take a quick look at each of the three companies:

* PIMCO's Paul McCulley: Learning from the Bank of Dad * Stock prices for this year's tech IPOs have cooled off. Is now the time to buy? * Alleged CalPERS crooksters Al Villalobos and Fred Buenrostro say they "will be completely vindicated" * Morning Call: U.S. futures point higher, London rises early, European shares advance, the Nikkei slips and Hong Kong sags. * American debt vs. Greek debt * Bankers and investors hope for a CLO revival * Bob Sellers: What the media missed in the "Nashville" flood * Mark Suster: How to communicate with your VCs between board meetings * Jason Calacanis: The big game, Mark Zuckerberg and overplaying your hand

* Roger Eherenberg: How do you seed a startup culture? * VC firm registration is back on the legislative table * Q&A with Howard Marks, who says bonds are back in fashion. * Morning Call: U.S. futures point lower, London falls early, European shares retreat and the Nikkei slips 1.1%. * Steve Schwarzman confesses a Bee Gees fixation * Michael Hudson: Silencing the bank whistleblower * Larry Dignan: Are U.S. IT departments too soft on ROI? * Steve Jobs lobbies for a living organ donor registry in California * Rob Go: VC valuation is not a finance exercise but a negotiations one * David Carey: LBO valuations are on the rise, but don't blame the credit markets

* Mark Cuban: What business is Wall Street in? * Crowd-sourcing shareholder votes on take-private buyouts? * Vivek Wadwha: Is an MBA a plus or minus in the startup world? * Morning Call: U.S. futures rise on $1 trillion EU/IMF deal, London rises early, European shares rebound, the Nikkei gains 1.6% and Hong Kong shares climb. * Leveraged loans are back * Raj Rajaratnam posts his defense * Does Facebook really want a semantic Web? * Greg Gretsch: Why venture capitalists rarely say "no" * Ferris Bueller's Day Off plays out on Twitter and FourSquare

* Vinit Nijhawan: Why U.S. entrepreneurs should compete on price * Marshall Kirkpatrick: What happens when you deactivate your Facebook account? * Martha White: BP can learn from other epic corporate mistakes that came before the spill * Think yesterday's equity market was nuts? Well, it wasn't anything compared to April 4, 2000. * Morning Call: U.S. futures signal rebound, London falls early, European shares sag, the Nikkei pares losses and Hong Kong shares slip. * Udayan Gupta: Venture capital must start over * Porn company has a plan to stop SEC time-wasting * Paul Kedrosky tracks recent interest in Greek tourism * The one thing a killer location-based service needs to be: Fun * Cleantech VCs: Not to alarm you, but have you taken a recent look at A123's stock price?

* Roger Ehrenberg: An open-source approach toward bond analytics * Big buyout boys (and their bankers) are again dreaming about "The Big One" * Alice Schroeder on Buffett's annual meeting: "Today the seasoned professional investors who attend are there out of loyalty, or to piggyback on the meeting and promote their own businesses. Younger money managers come because it’s a chance to see it before it’s gone. Few of these people expect to glean amazing insights. The thrill is gone." * Morning Call: U.S. futures point higher, London rises early, European shares rebound, the Nikkei hits 2-month low and Hong Kong shares slip. * James Kostohryz: Winners & losers in the European crisis * FCC Internet regulation debate: Necessary or destructive? * Joshua Brown: While you weren't looking, Disney got cool again * Pics, quotes and audio from last week's Nantucket Conference

* Drake Bennett: "Innovation is overrated. It's time to appreciate the power of the copycat." * Bilal Zuberi: Advice for Ph.Ds and other technologists looking to enter the business world * Ed Altman doesn't understand why credit spreads on US high-yield bonds have returned to below historical averages? * Morning Call: U.S. futures are mixed, London falls early, European shares dip, the Nikkei climbs and Hong Kong shares hit 10-week high. * 10 questions for Google on its wind power projects * James Kwak: Why Harvard grads go to Wall Street * Bill Ackman: Let's have a public registry for stock opinions * Asian firms see a new acquisition strategy at home and abroad.

* George Roberts: "There's no more opportunity in distressed debt." * Brad Feld: Great entrepreneurs are totally obsessed with the product * Dan Gross: "I'd argue that Goldman is entering dangerous territory. The firm is in danger of losing what may be its most valuable asset: its social license." * Morning Call: U.S. futures point lower, London falls early, European shares slip, the Nikkei climbs 1.4% and Hong Kong shares rebound. * What a sovereign heart attack looks like * Private Equity Council issues a new report on employment at PE-backed companies. * Fred Wilson states the obvious (well, obvious to anyone outside of DC): Telecommunications and information services are the same thing. * Google-AdMob brace for merger rejection by the FTC. Assuming a no-go ruling, it will be interesting to see what Plan B is for AdMob's venture investors. Does the company need a cash infusion? Could it go public (and would anyone buy stock in a company whose management already agreed to sell)? Is there another buyer that could pass regulatory muster (and, if so, how much lower would the price be)?

* The SEC sets up a fund investigation unit. * Heidi Moore: The myth of the "sophisticated" investor * James Mawson: Ups and downs at Candover reflect the broader buyout market * Morning Call: U.S. futures point higher, London hits 2-month low, European shares slip, the Nikkei climbs and Hong Kong shares retreat. * DealBreaker covers Buffett-palooza 2010 * British VC funding rises, while the rest of Europe falls * Microsoft builds open-source tool for biologists drowning in data. * Josh Kosman: "After years of being the little guy who used Washington to fend off Goliaths like Microsoft, Apple CEO Steve Jobs is about to learn what life is like when the shoe's on the other foot." * BusinessWeek lists its Top 10 cities to launch a new startup. And it is absurd. Well, unless you'd really prefer to launch your generic startup in Franklin, Tennessee instead of in San Francisco. Or in Boca Raton instead of Cambridge, Mass. Or in any of the "Top 10" instead of in New York City.

* Volcker Bait: Goldman Sachs is the world's largest private equity firm. * Bill Gurley: Hollywood is under less duress than Silicon Valley wants to believe * Tim Logan: Wooing cool, talented young people is no guarantee of a city’s economic success. * Morning Call: U.S. futures lifted by Fed statement, London rises early, European shares rebound, the Nikkei loses 2.6% and Hong Kong shares flatten. * Anal_yst: On blogs and credibility * Kai-Fu Lee: Five things to know about Chinese startups * Tim Berry: Five ways backpacking prepared me for startups * Charles Hudson: If Facebook wants to own the global like, it needs to own Bit.ly * Adam Adamou: How Canadian VC groupthink almost killed RIM, and why conditions haven't changed.