E83: Market slide continues, and how to address Uvalde
- May 26, 2022
- 1:49:26
- Full Episode
0:00 Bestie Guestie Brad Gerstner joins the show 1:00 All-In Summit recap and best moments 16:45 State of the markets, $ZM/$SNOW earnings, how much more uncertainty? 29:53 $SNAP drops after miscalculating earnings targets, understanding signs of a true bottom, the end of entitlement 51:10 Down market end game, investor decisions, reasons for optimism, quick reset potential 1:05:17 Sacks explains his concept for "default investable," Besties share thoughts on proactive layoffs and course correction 1:12:27 Addressing Uvalde, legislative disappointment, potential preventative solutions
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 https://linktr.ee/allinpodcast
Intro Music Credit: https://rb.gy/tppkzl https://twitter.com/yung_spielburg
Intro Video Credit: https://twitter.com/TheZachEffect
Referenced in the show: https://www.google.com/finance/quote/SPY:NYSEARCA https://www.google.com/finance/quote/.DJI:INDEXDJX https://investors.zoom.us/news-releases/news-release-details/zoom-video-communications-reports-financial-results-first https://investors.snowflake.com/news/news-details/2022/Snowflake-Reports-Financial-Results-for-the-First-Quarter-of-Fiscal-2023/default.aspx https://fred.stlouisfed.org/series/T10YIE https://twitter.com/zerohedge/status/1529100065331200005 https://twitter.com/BillAckman/status/1529133144540078083 https://layoffs.fyi https://www.google.com/finance/quote/SNAP:NYSE https://www.cnbc.com/2022/05/24/snaps-down-32percent-and-its-dragging-other-stocks-down-with-it.html https://www.google.com/finance/quote/FB:NASDAQ https://www.google.com/finance/quote/GOOG:NASDAQ https://nypost.com/2022/05/13/netflix-tells-woke-workers-to-quit-if-they-are-offended-culture-memo https://twitter.com/JeffBezos/status/1525309091970699265 https://twitter.com/DavidSacks/status/1529119829080150016 https://twitter.com/DavidSacks/status/1528102541723979776 https://sacks.substack.com/p/the-burn-multiple-51a7e43cb200 https://elections.bradyunited.org/take-action/nra-donations-116th-congress-senators https://en.wikipedia.org/wiki/Mass_shootings_in_the_United_States#/media/File:Total_Deaths_in_US_Mass_Shootings_1982-2021.jpg https://twitter.com/Jason/status/1529843255176663040 https://www.nytimes.com/interactive/2020/04/01/business/coronavirus-gun-sales.html https://twitter.com/Jason/status/1529504198974263296
Brief Summary
The episode discusses the All-In Summit, COVID-19 impacts, market trends, and solutions for gun violence after the Uvalde shooting.
Key points
- Palmer Luckey's Controversial Moment. Palmer Luckey calls out cancel culture during his speech, creating a dramatic atmosphere.
- All In Summit Reflections. The hosts share their thoughts on the recent All In Summit, highlighting emotional moments and community engagement.
- Home Sales Miss. New home sales fell significantly short of expectations, signaling potential market issues.
- Earnings at Risk. Concerns grow that companies' earnings forecasts may be fundamentally wrong, impacting valuations.
- The Bitter Medicine of Portfolio Management. Investors must face the harsh reality of marking down portfolios to reflect true valuations.
- Wealth Creation Explained. The discussion highlights the importance of real goods and services in creating wealth, not just money printing.
Episode highlights
- Palmer Luckey's Controversial MomentPalmer Luckey calls out cancel culture during his speech, creating a dramatic atmosphere.“He called out cancel culture and then he called out Jacob.”6:26May 26, 2022
- All In Summit ReflectionsThe hosts share their thoughts on the recent All In Summit, highlighting emotional moments and community engagement.“I thought it was much more than just a bunch of talking heads on stage.”10:18May 26, 2022
- Home Sales MissNew home sales fell significantly short of expectations, signaling potential market issues.“It was a pretty massive miss in terms of home sales.”24:16May 26, 2022
- Earnings at RiskConcerns grow that companies' earnings forecasts may be fundamentally wrong, impacting valuations.“The earnings being at risk is this contagion we talked about.”33:24May 26, 2022
- The Bitter Medicine of Portfolio ManagementInvestors must face the harsh reality of marking down portfolios to reflect true valuations.“You got to make some changes, I mean look, I love Brad's reaction.”39:08May 26, 2022
- Wealth Creation ExplainedThe discussion highlights the importance of real goods and services in creating wealth, not just money printing.“The only thing that creates wealth is the output of goods and services.”49:05May 26, 2022
- Market Dynamics and ResetThe venture capital landscape is undergoing a reset, impacting expectations and valuations. 'The cycles that overlay that secular curve are not suspended.'“The cycles that overlay that secular curve are not suspended.”58:06May 26, 2022
- Survival Metrics for StartupsFounders need to focus on actionable metrics to ensure survival in a challenging environment. 'I call it default investible.'“I call it default investible.”1:05:55May 26, 2022
