How Excess Capital and Low Interest Rates Reshaped Silicon Valley, Feat. Chris McCann

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 19 August 2020

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today on the Brief: Everyone turns bullish as S&P 500 nears all-time highs Emerging market currencies are floundering Bitcoin holding sentiment highest in two years Our main conversation features Race Capital’s Chris McCann. Chris was previously the founder of Startup Digest, building it to 1 million subscriptions long before email newsletters were a thing. He spent four years building the community program at Greylock before launching his own venture firm. In this conversation, Chris and NLW discuss: The relationship between monetary policy and startup finance What changes in startup financing have followed COVID-19 What the emerging fintech stack looks like, outside of crypto Find our guest online: Website: Race Capital Twitter: @mccannatron

Transcript

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0:00.0	sort of the interest gap, if you will, show up across all financial assets.
0:04.8	You saw that very dramatically in the public markets post-COVID and post a lot of the government
0:09.6	action. You're seeing it now in Bitcoin. You see it show up in residential real estate side,
0:15.3	which really should have a lot of negative downward pressure, but you're seeing actually like a rise
0:19.7	in a lot of key markets. Like, of course this is going to show up in the early stage private market side.
0:25.5	I think it just, it's a little messier. It lags a little bit more. It takes a little bit more time.
0:31.7	And at the end of the day, for many of these companies, you know, if they do take 10 year horizons,
0:37.1	the time cycle will take a lot
0:38.8	longer to play out. But yeah, of course, it's going to show up on the early stage private market
0:43.2	side. Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin,
0:51.6	and the big picture powerifts remaking our world.
1:01.1	The breakdown is sponsored by Crypto.com, Bitstamp, and nexo.io, and produced and distributed by CoinDesk.
1:04.6	What's going on, guys?
1:05.8	It is Tuesday, August 18th, and today my guest is Chris McCann, an investor with race capital, a guy who has been in alternative media and startups for a long, long time.
1:18.5	And we're talking about how public markets and private startups interact with one another.
1:24.2	So it's a really interesting conversation about an important and frankly increasingly important part of the market. But first, let's do the brief. First up on the brief
1:33.4	today, the unignorable stock market rally. So what happened? The S&P is pushing towards new
1:40.5	all-time highs. In fact, it has over over the last few days, a few times briefly exceeded its
1:46.4	February closing record. This will be when all is said and done, the fastest bear market ever,
1:51.9	followed by the quickest rebound ever. The thing that's notable is what the sentiment shift is like.
1:58.1	This morning, there was a Bloomberg piece called Stock Market at record
2:02.8	forcing everyone to become believer. A Bank of America study that came out today also showed
	...

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