All-In with Chamath, Jason, Sacks & Friedberg E81: All-In Summit: Bill Gurley & Brad Gerstner on markets, downturns & investment cycles
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May 23, 2022 
Bill Gurley, a seasoned venture capitalist from Benchmark, and Brad Gerstner, an experienced investor, dive into the tumultuous market downturn of 2022. They discuss how VCs are adapting to new realities in capital commitments and the strategic shifts needed in investment practices. Gurley shares his thoughts on popular media portrayals of entrepreneurs, while Gerstner offers predictions for the market's future. They emphasize the importance of reevaluating investment strategies amidst inflation and changing consumer behaviors.
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NFTs and Underlying Value
- Assets without underlying value, like certain NFTs, are susceptible to market fluctuations.
- This adds to the complexity and volatility of the current cycle.
Unallocated Capital and Market Uncertainty
- There's a large amount of unallocated capital in the market.
- VCs are hesitant to deploy it due to the uncertain market conditions.
Re-Underwriting Advice
- Re-underwrite your investments based on a five-year average, not recent inflated prices.
- Avoid anchoring to previous valuations, as they may not be realistic in the current market.