Okay, Computer: Chatbot Killed the Google Star: A Conversation With FirstMark Capital’s Rick Heitzmann

On The Tape

RiskReversal Media

News, Business, Investing, Business News

4.6 • 757 Ratings

🗓️ 5 January 2023

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dan and FirstMark Capital’s Rick Heitzmann discuss how the rising cost of capital will impact companies in 2023 (2:00), Rick’s biggest lessons and mistakes from 2022 (6:00), why many private companies still aren’t taking appropriate markdowns (7:00), SpaceX’s new, sky-high valuation (18:00), which sectors will be recession-proof in 2023 (22:00), OpenAI and Microsoft reportedly joining forces and the disruptive threat to Google search (23:30), the odds of TikTok facing a regulatory crackdown in the U.S. (27:00), and if a major tech company should look at acquiring Lyft (33:30). —- Check out the stories and tweets discussed in the episode: Unlimited Funds CIO Bob Elliott’s Twitter thread on losses in venture funds Atreides Management CIO Gavin Baker’s Twitter thread on rapid shifts in time spent on competing social media platforms The Information: Microsoft and OpenAI Working on ChatGPT-Powered Bing in Challenge to Google WSJ: Google and Meta’s Advertising Dominance Fades as TikTok, Streamers Emerge —- View our show notes and transcript here ---- Email us at [email protected] with any feedback, suggestions, or questions for us to answer on the pod and follow us @OkayComputerPod. We’re on social: Follow Dan Nathan @RiskReversal on Twitter Follow @GuyAdami on Twitter Follow us on Instagram @RiskReversalMedia Subscribe to our YouTube page

Transcript

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0:00.0	All right, welcome to OK Computer.
0:02.9	I am Dan Nathan.
0:03.7	I'm here with Rick Heitzman.
0:05.0	Rick, happy new year.
0:06.3	Happy New Yearty, man.
0:07.5	We're back in the saddle, excited for the new year.
0:10.8	Hopefully fortunes change a little bit.
0:13.1	Yeah, I mean, listen, I don't feel like we left the saddle.
0:15.7	I don't know about you here.
0:16.6	I feel like I mean, it depends on the saddle that you're talking about. I feel like I'm in the same. Some of us left the saddle for a little bit.
0:21.9	Yeah, same spot as I saw you last year.
0:25.2	So let's get into a lot going on here, man.
0:27.4	I mean, we've spent a lot of time, obviously, talking about the public markets.
0:31.7	And again, the NASDAQ closed down a little more than 30% on the year. The S&P 500 closed down a little less than 20% on the year.
0:39.5	We know some major damage have been done in the tech sector,
0:42.9	and there was a rotation late in the year into value,
0:45.7	into some non-tech areas in general,
0:47.9	which kind of, I think, mass some of the devastation in the public markets,
0:51.2	at least in the technology sector.
0:53.3	We'll hit all that a little bit.
0:54.8	But one of the themes I think was really interesting, going back a year ago, I mean, you were
0:58.9	talking about the lag that you see in private markets to public markets. And you actually had
	...

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