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
If that's a structural shift that takes place, that will change capital market behavior.
I go back to the fact that I have not experienced a framework or a time in my career, and I can't really go back through history and identify something similar where it's not really the macro conditions per se, although you can maybe call this macro, that are driving potential repricing of equities and long duration credit and
volatility, all because it's just uncertain as to how this technology will evolve and change the fabric of the economy.
We've had things that changed the fabric of the economy, but it would be slow burn.
It would not be something that you need to think about today.
Things like Salesforce, this is a company that is
embedded in the vast majority of large companies in the united states and globally the first question was are people just going to vibe code their own crm no of course not i sit in a large enterprise that's absurd that's not the question the question is is the company that trillion dollar company i mentioned before that isn't even around today that's still an idea somewhere will they ever use salesforce as part of their ecosystem and if the answer is no
That should absolutely be a massive headwind to the valuation of Salesforce, even though every Fortune 500 company may use Salesforce into perpetuity.
You know, it's a different business.
It's a cash cow business, deserves a different multiple.
And that's what I think the markets are wrestling with in the public sphere, which has its own cascading effects into the private sphere.
So public markets are substantially more difficult to hold than private markets.
Many parallels to this.
You don't think about the value of your house every day.
even though it changes arguably every day.
But if you own a public real estate, you'll probably look at it every day and have some kind of feelings from it.
But fundamentally, equity exposure is equity exposure.
So we don't think about moving between the two based on this dynamic.
It comes back to what do we own in private markets?
And I think the more significant reason private markets have evolved the way they have in the past decade is
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