Brad Gerstner: How I Pick Companies; Lessons from Warren Buffet; Chamath vs Gurley | E935

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  • เผยแพร่เมื่อ 13 มิ.ย. 2024
  • 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.
    -------------------------------------
    Timestamps:
    0:00 Intro
    1:02 Brad’s Backstory
    5:35 How did your childhood impact your parenting?
    6:28 How did you found Altimeter?
    10:00 What is the power law?
    12:04 The Three Supercycles
    15:31 How do you pick companies?
    21:01 How do you communicate with founders?
    23:55 Price Sensitivity on Reserves
    26:04 Value reshuffling
    28:59 How does rate of change with interest rates affect your decisions?
    32:40 Gurley vs. Chamath
    34:50 When’s the right time to take cash off the table?
    38:22 Marking Down Books
    40:36 Misalignment Between Fees & Alignment
    43:29 The Structural Problem with LPs
    46:13 Portfolio Concentration
    52:30 Altimeter’s Cultural Northstar
    54:08 Advice to Young Investors
    58:18 Does hustle get in the way of loyalty and discipline?
    1:00:17 Biggest Hiring Mistakes
    1:02:45 How is Altimeter structured?
    1:04:21 Biggest Challenge in Firm Building
    1:05:48 What is your relationship to money today?
    1:10:23 How do you think about ego management?
    1:14:07 How has relationship with friends and family changed?
    1:18:36 Brad's Favourite Book
    1:19:14 How do you evaluate the next few years for SPACs?
    1:20:05 Best investment advice and warning
    1:21:03 What is so special about Burning Man?
    1:22:41 Brad's Biggest Insecurity
    1:24:40 Where do you see Altimeter in 10 years time?
    -------------------------------------
    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?
    How should we think about private company valuations in today’s market? 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?
    -------------------------------------
    Subscribe to the Podcast:
    www.thetwentyminutevc.com/bra...
    Follow Harry Stebbings on Twitter:
    / harrystebbings
    Follow Brad Gerstner on Twitter:
    / altcap
    -------------------------------------
    #altimetercapital #bradgerstner #harrystebbings #20VC #venturecapital #venturecapitalist #warrenbuffet #billgurly #chamathpalihapitiya
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ความคิดเห็น • 20

  • @bblatnick1
    @bblatnick1 4 หลายเดือนก่อน +2

    Brad is an absolutely fantastic guest. Learned a ton.

  • @amunot007
    @amunot007 2 หลายเดือนก่อน

    Great to hear about Brad's background and his current modest lifestyle. Interviewer also was very focused and well prepared and steered the conversation in the right direction

  • @Sojourner88
    @Sojourner88 3 หลายเดือนก่อน +1

    Great podcast, not just about investing but about living and raising kids well. Brad sounds like a great dad.

  • @johnexley.family
    @johnexley.family ปีที่แล้ว +6

    I just freaking love the passion for the investing craft Brad has. It’s so invigorating

  • @ruvimg
    @ruvimg ปีที่แล้ว

    Those last questions are great. Brad sounds like a great guy

  • @nativeadvisors
    @nativeadvisors 9 หลายเดือนก่อน +2

    Great interview. Brad is a beast!

  • @muhsinkhalif3621
    @muhsinkhalif3621 ปีที่แล้ว

    Lovely interview!

  • @HelloWorld-hb7yt
    @HelloWorld-hb7yt ปีที่แล้ว +1

    Brad makes a lot of sense.

  • @harambeboy
    @harambeboy ปีที่แล้ว +1

    Brads hair is amazing

  • @ralllao7295
    @ralllao7295 ปีที่แล้ว +1

    Btw, amazing content as always! :)

  • @tommyduquette265
    @tommyduquette265 ปีที่แล้ว +1

    Brads life and family advice makes this. Awesome perspective. I have infinitely more wealth than my parents had and will hopefully/likely have a step function more by the time I have kids and the idea of raising them as rich and spoiled haunts me. I want them to strive and think about how to make that happen a lot. Really cool!

  • @surgicalcapscom
    @surgicalcapscom 5 หลายเดือนก่อน +1

    Pride of Indiana E935

  • @Stuxnet1914
    @Stuxnet1914 3 หลายเดือนก่อน

    Would love to have a beer with Brad

  • @arjungoalset8442
    @arjungoalset8442 4 หลายเดือนก่อน

    I am big fan of both of you ❤

  • @user-xv4if5ns4e
    @user-xv4if5ns4e 3 หลายเดือนก่อน

    Buffett's name is spelled incorrectly in title of video

  • @suleimanpeshawari1032
    @suleimanpeshawari1032 5 หลายเดือนก่อน

    OG

  • @DebraBradley888
    @DebraBradley888 3 หลายเดือนก่อน

    BG childhood story really interesting

    • @mastershredder2002
      @mastershredder2002 3 หลายเดือนก่อน

      Look, if you had a normal childhood.... you're likely going to be, well, normal.

  • @ralllao7295
    @ralllao7295 ปีที่แล้ว

    Could you create a separate channel for short form content? Shorts are spamming the subscription feed.

  • @vthetravellingwriter
    @vthetravellingwriter ปีที่แล้ว +1

    Brad is one of the few CEO’s like Elon who doesn’t put up with BS!