All-In E97: SPAC updates, public/private market overview, Putin's end game & more
Episode 97 • 9/23/2022
Key Topics Discussed:
SPAC Market Update
- Chamath explains his decision to wind down IPOD and IPOF SPACs, citing challenging market conditions and valuation gaps
- Difficult to find deals with good risk/reward given 6-7 month closing timeline
- Most remaining 500 SPACs likely to wind down, though some opportunities remain in sectors like energy and agriculture
Private Markets & Valuations
- Late-stage private companies struggling with valuation issues and facing 2+ year IPO window freeze
- Companies using war chests to try growing into previous valuations while managing burn
- Discussion of Byju's audit issues revealing $600M loss and revenue recognition problems
Federal Reserve & Economy
- Fed raised rates 75bps and forecast additional 150bps of hikes
- Powell shifting rhetoric from "soft landing" to acknowledging likelihood of "hard landing"
- Chamath discusses his November 2021 warning about market risks and importance of risk management
Energy Policy Debate
- Discussion of California's 40 new climate bills and energy grid challenges
- Criticism of Rashida Tlaib's confrontation with Jamie Dimon over fossil fuel funding
- Agreement that decentralized home power generation (solar + storage) is key to energy resilience
Chess Cheating Controversy
- Detailed discussion of Magnus Carlsen's accusations against Hans Niemann
- Analysis of how AI and computer assistance has changed competitive chess
- Debate over evidence of cheating and implications for competitive integrity
Russia-Ukraine & Iran Updates
- Putin's escalation with mobilization and nuclear threats
- Discussion of risks and Western response strategy
- Coverage of Iran protests following death of Mahsa Amini in police custody
Notable Quotes:
Chamath on market warnings: "If the smartest people in the world are now selling their core holdings that they told you they would never sell, and you are not reconsidering your position on things, you're either much smarter than them or you're being really, really reckless."