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

ℹ️ EPISODE INFO

Released

May 23, 2022

Duration

51m

Channel

All-In Podcast

Watch on YouTube

▶ Open ↗

📝 EPISODE DESCRIPTION

This conversation was recorded LIVE at the All-In Summit in Miami! 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 Follow the besties: https://twitter.com/chamath https://linktr.ee/calacanis https://twitter.com/DavidSacks https://twitter.com/friedberg 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 #allin #tech #news

🎤 SPEAKERS

• Jason Calacanis

  host

• David Friedberg

  host

• Chamath Palihapitiya

  host

• Brad Gerstner

  guest

• Bill Gurley

  guest

• Narrator

  other

• Host (All-In Podcast)

  host

🧾 EPISODE SUMMARY

In this episode of All-In Podcast, featuring Jason Calacanis and David Sacks, E81: All-In Summit: Bill Gurley & Brad Gerstner on markets, downturns & investment cycles explores venture veterans dissect boom, bust, valuations and the next investment vintage Bill Gurley and Brad Gerstner unpack the structural cyclicality of venture capital, arguing that risk builds slowly over years and then unwinds abruptly, creating painful but necessary resets. They link the recent tech crash mainly to rising interest rates and the end of ultra-cheap money, emphasizing how this reprices all assets, especially long-duration growth stocks and late-stage venture. Both contend that hyperinflation fears are likely overstated, and that as inflation data rolls over, markets should gravitate back toward long-term valuation trends. They see early‑stage venture and selected public tech stocks becoming attractive again, while warning investors and founders to abandon pandemic-era price anchors, focus on fundamentals, and expect deep dispersion between true winners and everyone else.

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