20VC: Altimeter's Brad Gerstner on Why Supercycles and the Powerlaw is the Most Important Thing In Investing, Why Portfolio Diversification is the Opposite of Risk Mitigation and The #1 Question Brad Asks All New Recruits
Jaksokuvaus
Brad Gerstner is the Founder and CEO of Altimeter, a life-cycle technology investment firm that manages public and private portfolios. Brad has personally participated in more than 100 IPOs as a sponsor, anchor, and investor. Brad’s notable deals include Snowflake, Mongo, Bytedance, Gusto, Unity, Okta, dbt, Modern Treasury, EPIC Games, Hotel Tonight, and Zillow. Prior to founding Altimeter, Brad was a 3-time co-founder where he sold all three businesses (to IAC, Google, and Marchex), a founding principal at General Catalyst; a securities lawyer, a former Deputy Secretary of State of Indiana, and a pilot. In Today's Episode with Brad Gerstner We Discuss: 1.) From Humble Beginnings in Indiana to 100 IPOs: When did Brad realize his original love of finance and entrepreneurship? What one single question does Brad ask all potential new recruits to determine if they have hustle? What does Brad know now that he wishes he had known at the beginning of his career? 2.) The Power Law and Supercycles: What is a power law? Why is it the single most important thing in investing? How do the best investors in the world build a framework around supercycles? How does Brad approach market sizing? How does Brad think about market creation when aligning that to his thesis of investing in power laws? How does Brad determine if a large opportunity is a "super-cyle" or a short, time-stamped fad that is unsustainable? How does Brad assess the importance of market timing? 3.) Building Anti-Fragile Portfolios: Portfolio Construction: Why does Brad disagree that the answer to risk mitigation is portfolio diversification? How many companies is enough companies for a diverse portfolio? Price Sensitivity: How does Brad reflect on his own relationship to price? How does this process and mindset change on re-investments? What is needed for Brad to re-invest? Time to Exit: How does Brad analyze when is the right time to exit a position? What are the single biggest mistakes people make when it comes to timing their exit? 4.) The Venture Landscape: Today, What is Happening? Why does Brad believe what has happened over the last 24 months is a great disservice to founders? What are the biggest examples of a complete lack of investor discipline? Why does Brad believe that for all positions valued over $500M, we should apply a 20% discount? Is today's pricing actually just the new normal? How has the public market pricing impacted the deployment of growth stage checks? How will this play out in the next 12 months? Why does Brad believe there is "not blood on the streets yet"? How does the speed of interest rate change impact our ecosystem so dramatically? Items Mentioned in Today's Episode: Brad's Favourite Book: The Snowball: Warren Buffet and the Business of Life
Uusimmat jaksot
20VC: Turning a $15M Investment in Monday into $1.5BN in Cash | The Strategy Behind a 37x DPI $45M Fund | The Three Step Process to Selling Positions that has Netted Top Percentile Returns with Avi Eyal, Co-Founder @ Entrée Capital
20VC: LLMs Are Reaching a Stage of Diminishing Returns: What is the Next S Curve | The Bull & Bear Case for China's Ability to Challenge the US' AI Capabilities | How AI Changes the Future of War & How Agents Will Reshape Society with Matt Clifford @ EF
20VC: Raising $126M Across 3 Rounds in Just 6 Months, Being the Youngest Founder of a Unicorn Company | But Everything Was Not as it Seemed: The Real Story of Vise: The Regrets, Mistakes and Mis-Hires with Vise's Samir Vasavada
20VC: Klaviyo's Andrew Bialecki on Going Public in an IPO Winter, Is Klaviyo Under-Priced in Public Markets and Why, Why Every VC Turned Klaviyo Down in the Early Days & How Shopify's Partnership Changed the Game
20VC: Why Foundation Model Performance is Not Diminishing But Models Are Commoditising, Why Nvidia Will Enter the Model Space and Models Will Enter the Chip Space & The Right Business Model for AI Software with David Luan, Co-Founder @ Adept
20Growth: How Revolut Acquired Their First 10M Users: Tips, Tactics and Strategies From the Revolut Product & Growth Playbook with Val Scholz, Former Head of Growth @ Revolut
20VC: Foundation Models are the Fastest Depreciating Asset in History, Lina Kahn is a Threat to American Capitalism, PE is Not Coming to Save the M&A Market & How China Could Overtake the US in the AI Race with Michael Eisenberg
20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise
20Product: Loom CPO Janie Lee on Three Core Skills that Make the Best PMs, How to Find, Pick and Train the Best PM Talent and Lessons from OpenDoor and Rippling on Product Breadth, Pricing and Talent Density
