With the rise of rates, you have to reset those valuations between probably 15 and forty %. But what brad said is also true, which is, if they then keep growing at a superior rate, they can get back to even so in 18 months. They could also show up again at forty and be net net awash. Whit a lot of hard work will need to happen underneath the covers of these businesses in the next two years.
0:00 Bestie Guestie Brad Gerstner is filling in for Friedberg
1:34 Understanding public SaaS and Internet multiples, Instacart's cuts its valuation by 40%, understanding reality of overvalued late-stage companies
21:52 Capital allocators at fault, how crossover funds are reacting, late-stage price discovery, investor and founder behavioral psychology
40:37 Sacks' burn multiple, managing growth spend, new VC qualifications, lessons from the COVID bubble
53:58 Russia/Ukraine: US potential non-ceasefire strategy, Zelenskyy's revelations in CNN interview, rhetoric getting more aggressive
1:08:58 How will Putin withdraw without redacting the sanctions? What is the offramp? Zelenskyy's posture on global war
1:24:18 Understanding China's recently announced tax cuts, All-In Summit talk
Follow the besties:
https://twitter.com/chamath
https://linktr.ee/calacanis
https://twitter.com/DavidSacks
https://twitter.com/friedberg
https://twitter.com/altcap
Follow the pod:
https://twitter.com/theallinpod
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Intro Music Credit:
https://rb.gy/tppkzl
https://twitter.com/yung_spielburg
Intro Video Credit:
https://twitter.com/TheZachEffect
Referenced in the show:
https://sacks.substack.com/p/the-burnmultiple-51a7e43cb200
https://substack.com/profile/11803623-jamin-ball
https://twitter.com/nfergus/status/1506243619384037378
https://www.bloomberg.com/opinion/articles/2022-03-22/niall-ferguson-putin-and-biden-misunderstand-history-in-ukraine-war
https://www.rand.org/pubs/research_briefs/RB10014.html
https://twitter.com/samramani2/status/1507378113893871617
https://www.reuters.com/world/europe/russia-says-first-phase-ukraine-operation-mostly-complete-focus-now-donbass-2022-03-25/
https://www.wptv.com/news/national/russia-ukraine-conflict/zelenskyy-warns-of-world-war-iii-if-russia-ukraine-peace-talks-fail
https://www.realclearpolitics.com/video/2022/03/20/zelensky_ukraine_failed_putin_talks_would_mean_a_third_world_war.html
https://www.politico.com/news/2022/03/20/zelenskyy-ukraine-zakaria-interview-00018716
https://fortune.com/2022/03/25/russia-g20-summit-putin-biden-indonesia-bali-china-ukraine/
https://www.nytimes.com/2022/02/23/world/europe/putin-speech-russia-ukraine.html
https://fortune.com/2022/03/24/putin-russia-natural-gas-europe-imports-pay-in-rubles-sanctions/
https://www.wsj.com/articles/saudi-arabia-considers-accepting-yuan-instead-of-dollars-for-chinese-oil-sales-11647351541
https://www.nytimes.com/2022/02/23/world/europe/putin-speech-russia-ukraine.html
https://www.cnbc.com/2022/03/24/biden-says-us-would-respond-to-russia-if-putin-uses-chemical-or-biological-weapons.html
https://www.washingtonpost.com/news/post-politics/wp/2014/03/09/blinken-u-s-would-not-recognize-crimea-secession/
https://www.wsj.com/articles/biden-sticks-with-longstanding-u-s-policy-on-use-of-nuclear-weapons-amid-pressure-from-allies-11648176849
https://www.bloomberg.com/news/articles/2022-03-21/china-embraces-supply-side-economics-with-tax-cuts
