All-In E65: VC markup dynamics, Russia/US tensions over Ukraine, Altos Labs raises $3B, Stripe mafia & more
Episode 65 • 1/29/2022
Key Topics and Discussion
Market & Investment Discussion
- Chamath shared insights on investment strategy, distinguishing between long-term investments and speculative trades
- Group discussed portfolio management during market volatility
- Sachs explained how venture deals are finally pricing at more reasonable levels after public market correction
- Detailed discussion of VC markup dynamics and how firms handle portfolio company valuations
- Chamath revealed his private book was up $1B but cautioned these paper gains may not be real
Russia-Ukraine Tensions
- Sachs provided historical context showing US typically avoided direct military conflict with Russia
- Friedberg explained the complex NATO expansion context and Russia's defensive posture
- Discussion of Germany's energy dependence on Russia complicating the diplomatic situation
- Group skeptical about likelihood of actual US military engagement despite rhetoric
Altos Labs $3B Funding
- Friedberg detailed the company's focus on Yamanaka factor research for age reversal
- Recent promising mouse study results discussed
- Chamath skeptical of large initial funding rounds historically leading to success
- Group debated merits of concentrated vs distributed research approach
Bolt vs Stripe Drama
- Discussion of Bolt CEO Ryan Breslow's accusations against Stripe and YC
- Chamath characterized it as brilliant PR strategy
- Sachs revealed they passed on investing due to valuation concerns, which proved to be a mistake
- Group agreed Bolt has executed well despite early fundraising challenges
Notable Quotes
Chamath on investment strategy: "If I confuse an investment with a trade, I'm done for. Meaning, like, there are things that you invest in that you just want to own forever, and then there are things that are trades that are just speculative."
Sacks on Russia situation: "America has a vital national interest in avoiding war with a nuclear armed Russia. And we did not have a vital national interest in defending the territorial sovereignty of those nations."