Chamath Palihapitiya
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And because they've shifted into this if mindset, your risk becomes totally different.
And because they've shifted into this if mindset, your risk becomes totally different.
You have this event risk that you don't know how to price.
You have this event risk that you don't know how to price.
And whenever the market shifts into that mode,
And whenever the market shifts into that mode,
What you see are that the holders of those equities want a massive margin of safety.
What you see are that the holders of those equities want a massive margin of safety.
What does that mean?
What does that mean?
They have to take PEs way down.
They have to take PEs way down.
If you used to trade at 40, you should trade at 20.
If you used to trade at 40, you should trade at 20.
If you used to trade at 20, you should trade at 10.
If you used to trade at 20, you should trade at 10.
They take revenue multiples down.
They take revenue multiples down.
You used to trade at 10 times revenue, now you're gonna trade at three times.
You used to trade at 10 times revenue, now you're gonna trade at three times.