The Biggest Problem of the Past Six Years Was Hyper Competition

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My biggest problem of the past six years was hyper competition. It doesn't allow the market to really sort out the winners and losers properly. The window after the correction is the calmest where there's least anxiety. For me, at least li thing slows down. People talk rationally. There's a lot more communication that seems rational and pragmatic. Maybe we're starting to see network effects show up at uber. If you listened to the lift call, it was a train run decade.

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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