Chamath Palihapitiya

But I think the structural change is the more important one.

And this is sort of what I talked about this morning.

And this is sort of what I talked about this morning.

In a normal functioning market,

In a normal functioning market,

What we are always debating is when a set of cash flows go from becoming highly confident to less highly confident.

What we are always debating is when a set of cash flows go from becoming highly confident to less highly confident.

It's a when conversation.

It's a when conversation.

So when will Coca-Cola's cash flows be impacted?

So when will Coca-Cola's cash flows be impacted?

When will Eli Lilly's cash flows be impacted?

When will Eli Lilly's cash flows be impacted?

When will Meta's cash flows be impacted?

When will Meta's cash flows be impacted?

And the answer to the when gets translated by the public markets into three things.

And the answer to the when gets translated by the public markets into three things.

your price to earnings multiple, where if you invert that number, what that is equivalent to is the yield on the money that you get.

your price to earnings multiple, where if you invert that number, what that is equivalent to is the yield on the money that you get.

So if you're 20 times PE, that's a 5% yield.