The Price to Revenue Multiple Slide on Sass Multiples

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There are only 21 software companies worth more than 25 billion dollars in all the public markets. Thisus: If you were slapping a hundred x a or r revenue on a company doing 50 million in revenue, it's highly likely that they will never see that price again. The delusion and the deceleration in their growth rate will evicerate any return you have as an investor. And so if you get a really cheap deal, you do it super interesting, billy.

This conversation was recorded LIVE at the All-In Summit in Miami and included slides. To watch on YouTube, check out our All-In Summit playlist: https://bit.ly/aisytplaylist

0:00 Bill Gurley & Brad Gerstner break down the state and historical significance of 2022's market downturn

12:27 How VCs will handle capital commitments from LPs, underwriting startups in the new reality

24:14 Bull run mistakes, why VCs don't underwrite lower valuations, handling distributions

33:52 Gurley's take on WeCrashed & Super Pumped TV series, how sophisticated investors got "gaslit" by the market, influx of capital creating consumer-surplus businesses

47:54 Brad predicts the market for next year, Bill gives post-Benchmark plans

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