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