All-In with Chamath, Jason, Sacks & Friedberg

E81: All-In Summit: Bill Gurley & Brad Gerstner on markets, downturns & investment cycles

May 23, 2022

51:32

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Highlights

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Episode notes

The Negative Unit Economics and Drive Growth Trend

01:33

CP on losing money by holding on to Slack stock

01:07

The Cyclical Nature of the Venture Industry

02:31

The Impact of Performance in Venture Capital

00:39

Introduction

3min

Xelime

4min

The Fed Thinks We'll Exit the Year at Four

4min

Venture Capital

2min

Are You Going to Deploy a Lot of Capital?

5min

Is Your Thing Worth Five Point Six Times?

1min

The Quarter Twelfth Trillion of Private Equity

2min

The Price to Revenue Multiple Slide on Sass Multiples

4min

What Is the Mistake We've Made Over This Last Bull Run?

6min

10.

Investing in a Venture Fund

2min

11.

Is It Rare for a Venture Firm to Meet a Secondary?

2min

12.

I've Been Up Here for Like Eight Hours to Day.

6min

13.

The Biggest Problem of the Past Six Years Was Hyper Competition

4min

14.

The Negative Unit Economics and Drive Growth Trend

3min

15.

Are You Going to Get Back Into Early Stage Investing?

2min

16.

I'll Just Have Be Lie Y, Ladies and Gentlemen.

2min

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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Intro Music Credit:

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