Bill Gurley

Let me tell you two other cascading effects. I heard from one of the CEOs last week that four contracts with him had actually been canceled, right? Because they had like three European contracts canceled and one Asian contract canceled because the countries were so upset with America that they're going to do deals instead with European companies or whatever the case may be.

And then I saw a couple of tweets, Bill. One was that China and Korea and Japan were actually going to collaborate in a response to the US tariffs. And somebody said, we haven't seen the Koreans and the Japanese and the Chinese combined forces on anything since the Mongols caused them to get together. And so it is causing a lot of strange bedfellows. And I sent you,

And then I saw a couple of tweets, Bill. One was that China and Korea and Japan were actually going to collaborate in a response to the US tariffs. And somebody said, we haven't seen the Koreans and the Japanese and the Chinese combined forces on anything since the Mongols caused them to get together. And so it is causing a lot of strange bedfellows. And I sent you,

And then I saw a couple of tweets, Bill. One was that China and Korea and Japan were actually going to collaborate in a response to the US tariffs. And somebody said, we haven't seen the Koreans and the Japanese and the Chinese combined forces on anything since the Mongols caused them to get together. And so it is causing a lot of strange bedfellows. And I sent you,

The tweet where the Europeans, the president of Europe, the president Macron, they're all going to China and they want to talk about closer trade relationships with China. And you warned us about this.

The tweet where the Europeans, the president of Europe, the president Macron, they're all going to China and they want to talk about closer trade relationships with China. And you warned us about this.

The tweet where the Europeans, the president of Europe, the president Macron, they're all going to China and they want to talk about closer trade relationships with China. And you warned us about this.

Let me just maybe opine on that for a second. Like, where do I think we go from here? After hours with the NASDAQ down, peak to trough post-Trump at almost 18%, right? That's down a lot. A lot of names in the NASDAQ are down 40% or 50%. So we're starting to get some of that fear into the market. Somebody asked, and I said, at its very root, I do believe the president wants to do deals.

Let me just maybe opine on that for a second. Like, where do I think we go from here? After hours with the NASDAQ down, peak to trough post-Trump at almost 18%, right? That's down a lot. A lot of names in the NASDAQ are down 40% or 50%. So we're starting to get some of that fear into the market. Somebody asked, and I said, at its very root, I do believe the president wants to do deals.

Let me just maybe opine on that for a second. Like, where do I think we go from here? After hours with the NASDAQ down, peak to trough post-Trump at almost 18%, right? That's down a lot. A lot of names in the NASDAQ are down 40% or 50%. So we're starting to get some of that fear into the market. Somebody asked, and I said, at its very root, I do believe the president wants to do deals.

He believes in fairer trade. I think we're going to land the plane here closer to $300 or $400 billion in tariffs, not $600 or $700, and certainly not a trillion in tariffs, even though it feels today like it was bigger than that. And one of the things I think that's going to kind of force the president's hand, he talked at the press conference. He had a bunch of senators there and House members.

He believes in fairer trade. I think we're going to land the plane here closer to $300 or $400 billion in tariffs, not $600 or $700, and certainly not a trillion in tariffs, even though it feels today like it was bigger than that. And one of the things I think that's going to kind of force the president's hand, he talked at the press conference. He had a bunch of senators there and House members.

He believes in fairer trade. I think we're going to land the plane here closer to $300 or $400 billion in tariffs, not $600 or $700, and certainly not a trillion in tariffs, even though it feels today like it was bigger than that. And one of the things I think that's going to kind of force the president's hand, he talked at the press conference. He had a bunch of senators there and House members.

The senators and House members are hearing from their constituent CEOs that they don't like these tariffs. And remember, most important to the president, he wants to get this reconciliation package passed, which he calls a big, beautiful bill. He wants to get this thing passed, which puts in place no taxes on tips and the permanency of the tax cuts, which he passed in his first administration.

The senators and House members are hearing from their constituent CEOs that they don't like these tariffs. And remember, most important to the president, he wants to get this reconciliation package passed, which he calls a big, beautiful bill. He wants to get this thing passed, which puts in place no taxes on tips and the permanency of the tax cuts, which he passed in his first administration.

The senators and House members are hearing from their constituent CEOs that they don't like these tariffs. And remember, most important to the president, he wants to get this reconciliation package passed, which he calls a big, beautiful bill. He wants to get this thing passed, which puts in place no taxes on tips and the permanency of the tax cuts, which he passed in his first administration.

He can't afford to lose a single Republican vote. And so I think that that also is going to guide them a little bit more to the center. And that's what, you know, we'll see whether the market believes that. Certainly didn't believe it after hours today. We're going to get a little bit more positive on the companies we like the best because we think some of this fear is now getting priced in.

He can't afford to lose a single Republican vote. And so I think that that also is going to guide them a little bit more to the center. And that's what, you know, we'll see whether the market believes that. Certainly didn't believe it after hours today. We're going to get a little bit more positive on the companies we like the best because we think some of this fear is now getting priced in.

He can't afford to lose a single Republican vote. And so I think that that also is going to guide them a little bit more to the center. And that's what, you know, we'll see whether the market believes that. Certainly didn't believe it after hours today. We're going to get a little bit more positive on the companies we like the best because we think some of this fear is now getting priced in.

Yeah, I think we're still in the fog of war, certainly. But I will be looking at, do these exemptions on things like semiconductors and pharmaceuticals hold? Are we seeing the country-by-country renegotiation on some of these things? And probably most importantly, Bill, it's really about China. China is the second largest economic power in the world.