E73: Late-stage VC markdowns and mistakes, market strategy, Ukraine/Russia update with Brad Gerstner

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