Zakaria

E73: Late-stage VC markdowns and mistakes, market strategy, Ukraine/Russia update with Brad Gerstner

Brad Gerstner, Friedberg, Zelenskyy, Putin, Biden, Zakaria, David Sacks

Brad Gershner, Chamath Palihapitiya, and David Sacks analyze the transition from the 2020–2021 bull market to a normalization phase driven by rising real rates, predicting 50–60% mispricing in late-stage venture valuations and widespread down-round IPOs. The panel introduces the "burn multiple" as a critical governance metric to enforce capital efficiency, while simultaneously warning that geopolitical strategies in Ukraine and a potential US-China recession could exacerbate the upcoming economic downturn. These macroeconomic shifts and valuation corrections are contextualized alongside the upcoming All-In Summit in Miami, where confirmed speakers will address the necessity of stripping away speculative excesses to rebuild resilient business models.