Vlad Barbalat
speaker
638 appearances
1 recordings
1 series
first heard Jun 2026
last heard 23 Jun
Vlad Barbalat’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
So that is a really fascinating question because it comes against the backdrop of possibly very favorable macro, which historically would have just said higher multiples.
It can come against the backdrop of an expanding economy.
Another way to put it is you will likely have trillion dollar companies in 2030 that currently don't exist.
And you probably have trillion dollar companies or many hundred billion dollar companies that will not exist.
And we're starting to see that.
We're starting to see, therefore, more volatility.
So that's the next extension of that is there's a multiple question.
Now you also have potentially structurally higher volatility.
You combine that with some of the tactical stuff like perhaps the SEC will not require quarterly earnings.
And so you can make an argument that volatility is just going to be structurally higher going forward.
The other part of that is everything I've talked about for now is through the equity lens.
In the credit space, same concepts apply.
Am I worried about four-year paper in most of the software names?
Probably not.
I mean, they're contracted out.
This is not a four-year issue.
That paper should be money good.
Would I be worried about holding 30-year credit on Salesforce or Oracle or any of these things?
I just think that it's a much, much riskier proposition.
it would feel like that should drive steepness in credit curves.
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