All-In E101: Ye acquires Parler, Snap drops 30%, macro outlook, VC metrics, valuing stocks & more

Episode 101 • 10/22/2022

Kanye West & Parler Acquisition

Discussed Kanye West's planned acquisition of Parler, a social media platform created by Candace Owens' husband George Farmer
Group expressed concern about platforming Kanye during what appears to be a manic episode with concerning antisemitic statements
Chamath shared personal experience dealing with family member's mental health crisis and importance of intervention vs exploitation
Discussion of how social media can amplify and accelerate harmful behavior during mental health crises

Snap down 30%, highlighting challenges in social media valuations
Company has grown from 265M to 360M daily active users showing strong user growth
Stock decline blamed partly on Apple's IDFA changes affecting ad targeting
Discussion of corporate governance issues with Snap's zero-voting share structure for common shareholders

Analysis of VC fund performance using DPI (Distributed to Paid In) vs TVPI (Total Value to Paid In) metrics
Historical data shows average top quartile VC returns around 2x
Discussion of portfolio correlation and overlap between major VC firms
Brad presents chart showing VC returns from 1997-2020

Detailed discussion of proper stock analysis requiring understanding of:
- Financial statements (income statement, balance sheet, cash flow)
- Valuation metrics and comparables
- Full context beyond simple narrative/thesis
Warning against narrative-driven investing without proper fundamental analysis
Recommendation for most investors to consider index funds

Discussion of proposed 1.75% tax on incomes over $2M for clean energy initiatives
Lyft heavily backing the proposition ($48M in funding)
Group critical of Lyft's involvement, seeing it as self-serving given CA's EV requirements for rideshare companies
Broader discussion of future tax rates and government spending