Bill Gurley

Speaking of a lot of good stuff happening, I think there are some people in the world that think a lot of not so great stuff is happening based upon market reaction to the president's announcements of these tariffs. So why don't we kick it off talking about Liberation Day?

Speaking of a lot of good stuff happening, I think there are some people in the world that think a lot of not so great stuff is happening based upon market reaction to the president's announcements of these tariffs. So why don't we kick it off talking about Liberation Day?

Speaking of a lot of good stuff happening, I think there are some people in the world that think a lot of not so great stuff is happening based upon market reaction to the president's announcements of these tariffs. So why don't we kick it off talking about Liberation Day?

it was pretty clear to me and you, we were talking about it in early Feb, this was doctrinal. There was a philosophical belief around trade that they wanted to create a more fair and level playing field. And the real debate has been going on is like, how big? And there are a couple of different camps.

it was pretty clear to me and you, we were talking about it in early Feb, this was doctrinal. There was a philosophical belief around trade that they wanted to create a more fair and level playing field. And the real debate has been going on is like, how big? And there are a couple of different camps.

it was pretty clear to me and you, we were talking about it in early Feb, this was doctrinal. There was a philosophical belief around trade that they wanted to create a more fair and level playing field. And the real debate has been going on is like, how big? And there are a couple of different camps.

And so JP Morgan had this great event in Montana last week, 100 tech CEOs, but they had Howard Lutnick, Elon Sachs, Doug Bergeron, all talking about you know, various aspects of this. And they asked me to do a little bit of a presentation on decoding the Trump economic agenda. And really, it boils down to this, Bill.

And so JP Morgan had this great event in Montana last week, 100 tech CEOs, but they had Howard Lutnick, Elon Sachs, Doug Bergeron, all talking about you know, various aspects of this. And they asked me to do a little bit of a presentation on decoding the Trump economic agenda. And really, it boils down to this, Bill.

And so JP Morgan had this great event in Montana last week, 100 tech CEOs, but they had Howard Lutnick, Elon Sachs, Doug Bergeron, all talking about you know, various aspects of this. And they asked me to do a little bit of a presentation on decoding the Trump economic agenda. And really, it boils down to this, Bill.

You know, at the top, I think that all the CEOs in the room are pretty excited about the golden age that people have been talking about, you know, a pro-growth administration, pro-business, pro-investment, lower taxes, less regulation, pro-M&A. We've seen this M&A flywheel starting to kick up, this AI super cycle. But everybody's been pretty terrified about these tariffs.

You know, at the top, I think that all the CEOs in the room are pretty excited about the golden age that people have been talking about, you know, a pro-growth administration, pro-business, pro-investment, lower taxes, less regulation, pro-M&A. We've seen this M&A flywheel starting to kick up, this AI super cycle. But everybody's been pretty terrified about these tariffs.

You know, at the top, I think that all the CEOs in the room are pretty excited about the golden age that people have been talking about, you know, a pro-growth administration, pro-business, pro-investment, lower taxes, less regulation, pro-M&A. We've seen this M&A flywheel starting to kick up, this AI super cycle. But everybody's been pretty terrified about these tariffs.

And the real question going into today, Liberation Day, was were tariffs going to land closer to the $600 billion, trillion-dollar tariff level that Peter Navarro had been talking about and Howard Lutnick had been talking about, or maybe at a little bit lower end of the spectrum, which we heard a little bit more from Scott Bessent and Kevin Hassett. And I think everybody was holding their breath.

And the real question going into today, Liberation Day, was were tariffs going to land closer to the $600 billion, trillion-dollar tariff level that Peter Navarro had been talking about and Howard Lutnick had been talking about, or maybe at a little bit lower end of the spectrum, which we heard a little bit more from Scott Bessent and Kevin Hassett. And I think everybody was holding their breath.

And the real question going into today, Liberation Day, was were tariffs going to land closer to the $600 billion, trillion-dollar tariff level that Peter Navarro had been talking about and Howard Lutnick had been talking about, or maybe at a little bit lower end of the spectrum, which we heard a little bit more from Scott Bessent and Kevin Hassett. And I think everybody was holding their breath.

Well, we got the answer. We got the answer today. And so I was framing that at the JP Morgan conference. I showed this slide you'll get a kick out of. I ended the presentation with two planes coming in for landing. They both actually land, believe it or not. But it's like the glide path that we land here with tariffs and budget cuts matter a lot. And so, you know, we got the news tonight.

Well, we got the answer. We got the answer today. And so I was framing that at the JP Morgan conference. I showed this slide you'll get a kick out of. I ended the presentation with two planes coming in for landing. They both actually land, believe it or not. But it's like the glide path that we land here with tariffs and budget cuts matter a lot. And so, you know, we got the news tonight.

Well, we got the answer. We got the answer today. And so I was framing that at the JP Morgan conference. I showed this slide you'll get a kick out of. I ended the presentation with two planes coming in for landing. They both actually land, believe it or not. But it's like the glide path that we land here with tariffs and budget cuts matter a lot. And so, you know, we got the news tonight.

You're right. We just listened to the president talk. You know, and he came in on the larger end of this. I mean, there's no other way to slice it. There was a headline that hit right after the market closed from the Wall Street Journal, I believe, that it was 10% across the board. And the markets jumped up like 2.5%. And then as the presentation started unfolding, they started coming in.

You're right. We just listened to the president talk. You know, and he came in on the larger end of this. I mean, there's no other way to slice it. There was a headline that hit right after the market closed from the Wall Street Journal, I believe, that it was 10% across the board. And the markets jumped up like 2.5%. And then as the presentation started unfolding, they started coming in.