Gavin Baker - The Cyclone Under the Surface - [Invest Like the Best, EP. 260]

My guest today is past guest Gavin Baker, managing partner and CIO of Atreides Management. Gavin’s focus is on consumer and tech growth investing, which makes him the perfect person to discuss the bloodbath we’ve seen in many growth equities over the past few months. We also cover inflation, semiconductors, and the disconnect between private and public markets. Please enjoy this conversation with the always great Gavin Baker. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick. ----- This episode is brought to you by Lemon.io. The team at Lemon.io has built a network of Eastern European developers ready to pair with fast-growing startups. We have faced challenges hiring engineering talent for various projects - and Lemon.io offered developers for one-off projects, developers for full start to finish product development, or developers that could be add-ons to the existing team. Check out lemon.io/patrick to learn more. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes [00:02:30] - [First question] - What it’s been like investing over the pandemic [00:06:14] - The way he thinks about multiples, how they’ve done, and where they’re going [00:09:14] - Themes that most have his attention in our current economic landscape [00:19:25] - The ways in which wage inflation negatively impacts the market [00:25:39] - How semiconductors have evolved and what matters in that subsector [00:32:47] - Software volatility and the roller coaster it's been on lately [00:35:52] - A future state where infrastructure overtakes apps [00:41:03] - Key differences between internet and software and how they behave [00:43:44] - The coming trend of the metaverse and his reaction to public adoption [00:49:26] - Investor and business opportunities in adopting tech trends [00:53:54] - An unfolding mismatch between private and public market multiples [00:57:17] - How the competitive landscape of venture capital might evolve [01:05:54] - Differences in recruiting and training talent in private and public markets [01:10:20] - Sci-Fi novels that he’s read recently; Dune, A Wizard of Earthsea, Culture, Hyperion