VC Legend Bill Tai: The "New Era" of Valuations

Real Vision: Finance & Investing

Real Vision

News, Business News, Investing, Business

4.1 • 1.1K Ratings

🗓️ 18 July 2021

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Interview: Legendary venture capitalist Bill Tai is an expert in identifying exponential trends. He has been an angel investor in more than 20 companies that have gone public, including Zoom and Dapper Labs. Tai returns to Real Vision to share with co-founder and CEO Raoul Pal what makes an exponential valuation and how the low interest rate environment has caused a surge in P/E multiples, richly rewarding high-growth technology companies. The two discuss how the current wave of NFTs and the adoption of the Metaverse unlock a new layer of value that brings economic empowerment, resulting in a new style of business based around community and platforms. Recorded May 7, 2021. Key Learnings: Tai is now looking to invest in companies with massively asymmetric risk, such as healthcare and renewables, where he sees potential for network effects to be created in these sectors. He shares his guiding principles behind every technology company he invests in: lower the friction to a use case, increase replicability of the behavior, and build a back end tuned for great scalability. To continue the discussion with fellow Real Vision members on Raoul and Bill's interview, click here to visit the Exchange: https://rvtv.io/3uHKsUL. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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1:00.0	I think the interview that we had about a year ago, I think was one of my favorites all time in the history of real vision.
1:06.0	So no pressure on you this time then.
1:09.0	Thank you Raoul. I'm delighted to be here and the timing of our last talk was fantastic.
1:14.0	It was. So listen, what I'm trying to do is I'm trying to think through this hypothesis that I've got.
1:21.0	And I know you're exactly the right person to think through this with is I'm looking ahead.
1:27.0	And I'm looking at the amount of disruptive technology that's not in ideation phase but in rollout phase,
1:36.0	whether it's autonomous vehicles, whether it's EVs, whether it's distributed computing, whether it's crypto currencies and digital assets,
1:48.0	whether it's genetic engineering or genetic vaccines or there are so many things that are kind of all in
1:55.0	acceleration or exponential phase that I'm just getting a feeling that we're about to go through a period of change,
2:02.0	almost unparalleled in human history.
2:04.0	I don't know, there's a very big way to start a conversation and we'll talk about valuations and markets and all the stuff.
2:10.0	But what do you think because you've been on the ground and looking at this for a lot longer than I have?
2:15.0	You know, I, I totally agree with you. I think, I think we're seeing sort of a bifurcation of the economy.
2:21.0	And, you know, you've, you've talked a little bit about platform companies, which has been a phrase inside the tech world for a long, long time.
2:28.0	You know, so I'm going to mix a couple of things here. You know, one is kind of what makes for an exponential valuation relative to the old stuff.
	...

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