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E81: All-In Summit: Bill Gurley & Brad Gerstner on markets, downturns & investment cycles
All-In with Chamath, Jason, Sacks & Friedberg
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The iron law of investing is interest rates. A one % change in rates leads to a 15 or 20 % change in a multiple. The reason multiples have collapsed here for all these businesses is because expectations as to inflation in rates has changed dramatically. We're talking about going from just above five up to six and a half, right? But the big question is, are we going back to two and a half or three,. Are they behind the curve, lost in the weeds, and we're going to have to go to four to five to kill inflation?
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