2022-05-23
51 分钟BG squared.
This is our BG squared panel.
Everybody knows Friends of the Pod, Brad Gerstner and Bill Gurley give it up for our guests.
Bill, you predicted five of the last three recessions.
A broken clock is still right, twice it did.
I mean, here we are again.
You've sounded the alarm bell, and of course you're right.
And you've seen this movie before for all of us younger capital allocators who are experiencing it for the second or third time,
but you've experienced it a couple more times.
I mean, it's pretty old.
How does this one measure up to great recession, dot-com bust,
87, and the many ones we've seen in between?
You know, one thing that I think is super important to put this into context.
I'll try and tell this quick.
I had a meeting once with Howard Marks, who I'd wanted to meet for a long period of time.
He's a famous bond investor that does a lot of writing.
For 15 minutes, he asked me questions about the venture industry, a lot of structural questions.
And I told him my answer is best I could.
And he said, man, that's a really shitty industry.
And I said, well, why do you say that?