Sohn 2021 | John Collison in conversation with Dan Sundheim

dan sondheim is also our final interviewee of the day today dan founded d1 capital in 2018 and i suspect i'm not alone in considering him considering him one of the best investors of his generation d1 now manages over 20 billion dollars 10 billion of which has been deployed into 70 fast-growing private companies including stripe we have the co-founder of stripe john collison here to interview dan strike builds internet infrastructure and is currently valued at around 100 billion making it one of the most valuable private companies in the world in silicon valley the collison brothers are widely considered the heir to jeff bezos in terms of being world-class operators john over to you thank you graeme and uh dan delighted to to be here with you good to see you john thanks graham thank you graham um okay let's start off with an easy question so uh it seems like over the last 25 years you know us gdp has grown at four and a half percent a year the stock market's grown at 10 a year and so like what is that mismatch or why is it sustainable i've actually never been able to figure out why the stock market grows faster than the economy this is an easy one yeah looking for the rest um i think elon musk actually uh posted on this on twitter uh so i started thinking about this when he did that um i think it's a number of things i mean uh one really straightforward one would be interest rates um i think the bigger one though is increasingly a mix towards international earnings um so the more that companies trading on the u.s stock exchange earning internationally your kind of us gdp is you know stat not static growing but uh and then you're adding more and more earnings internationally um i also think we've offshored from the more capital intensive aspects of the economy to china and other countries over the last few decades and so the margins of a lot of u.s companies have uh have gone up um is there an effect where the you know the the giants are doing really well you know we'll get into amazon and facebook and everything uh later but you know they're performing really well as very large businesses and you know people confuse like the s p 500 is not all companies and so is there some amount of us where large companies are succeeding more than small companies yeah i think i don't have the i know the numbers in front of me but i think the margins of large companies have gone up a lot more than the margins of smaller companies um if just measured by like you know the russell or um and so you know the composition of the s p 500 has changed a lot um over the last decade and actually it's changed a lot almost every decade but um more recently you have like a huge part of the index in a few companies so that's going to again skew everything and you know those companies are growing faster than um you know certainly the certainly gdp but faster than most companies that are even a fraction of their size and they're not very profitable too so if we talk about these gaffas you know uh stocks are on sale today and uh say we decided that you know we had a career chat and you decided that you were going to stop hedge funding you wanted to focus exclusively on the hornets and uh and so you're gonna you know i just wind down all the whole uh you know uh day-to-day trading activity and i say you have to put all of your holdings in one of the four uh gaffas for that and you can't touch it for the next 10 years you know uh 10 years you're allowed to kind of open up yahoo finance uh or i guess bloomberg for you uh east coast types uh and uh and see what happened which do you pick let's define gaffa oh like any of the the i mean google amazon facebook maybe you allow microsoft in the consideration set uh yeah i'd say amazon um i just think that like you're gonna put all your money into something you know durability of business models probably the most important thing i mean i think they all have incredibly durable business models but um you know amazon's uh durability is not built upon technology it's a logistics company in a day and just like railroads you know 100 years ago um and uh other forms of transportation that were just dominant logistics companies i think amazon's gonna be very difficult to displace over even look forward 50 years it's hard for me to see how they're not delivering packages you know faster people than everybody else got a better network and obviously aws that has you know some technology risk uh to some extent but um i guess uh you know for a firm called d1 uh which is a nod to day one right amazon's philosophy it's maybe not entirely surprising that that uh you'd be so convicted on them i mean when you when you all think about amazon and valuing it i actually don't have a sense for how you all as a firm work that clearly you know uh very strong management culture huge adjacencies that they can expand into they've proved that they are able to open new lines of business so there's a lot to like but um i i presume that tweet length thesis you know you can't charge two and twenty or four and forty or whatever it is these days uh to just you know have that tweet length uh uh thesis you need something longer and kind of more involved and so how do you all value someone like amazon and is it kind of yeah they're kind of worth it at any price or are you actually pretty valuation sensitive or we're very valuation sensitive in all stocks i mean it's one of the things that really drives a lot of our uh investing activities um we leave with valuation you know valuation business model management team like the three things you know we don't spend a lot of time trying to predict quarterly earnings um in terms of amazon you used to have to do a lot of mental gymnastics to value amazon because there weren't a lot of earnings and a lot of the business for nasa there's a lot of investment yeah but now it's kind of a point where um you know amazon's kicking off a lot of cash flow even though they're investing a lot so i think amazon's probably trading around 20 times 2023 gaap eps if you you know believe obviously it's higher than the street but i think that's possible um and if you you know they'll still be growing you know way north of uh gdp clearly multiples of gdp if you look out like you know 10 years from now i'm not sure that amazon has to the multiple usually multiples obviously come down it's growth rate's slow i'm not sure amazon's multiple if it's 20 times if i'm right that's 20 times 2023 i don't think it has to come down because you look at you know business like costco um trades at a higher multiple than that uh and obviously grows at a fraction of amazon and why it's like you know multiple obvious is a lot to do with growth but also to do with durability of cash flows and costco is viewed as being extremely durable the low cost provider you know they sell staple like goods i mean amazon we go back to my prior statement about amazon being durable for 50 years like uh 20 times earnings is a five percent free cash flow yield which if you if there's something that you have kind of confidence to be around for the long term and grow that's very good relative to any you know other alternative another retailer that you obviously have been very high conviction on for a uh a long time is insta cars what was it that that led you to such conviction about instagram yeah i think that um like it was it was watching how advertising advertising dollars had moved offline to online you know whether it's google facebook all the different categories and some of the biggest um advertising budgets sit with the cpg companies um you know the hinds of the world the campbell soups um but you know nobody goes and not know me people don't go into google and search for like catch-up like i don't buy some ketchup you know they go to the supermarket and there's massive amounts of dollars being spent but really inefficiently offline so if grocery shopping moves online um then ad dollars should follow and the roi should be much higher in those ad dollars online the same way roi is higher on facebook than it is you know advertising your local classifieds newspaper um so i think that um long term uh you know the real uh value of uh on my grocery will be derived from uh advertising i mean the core businesses you know will be profitable but grocery margins are slim and cpg margins are quite you know robust so i think that's going to fund this seems like an interesting thing to uh to dive in on being obviously part of what makes uh d1 uh uh special is uh you all started on the public side but now do a lot of privates do you say how much private you do or it's a lot it's about it's about half of our capital yeah okay so yeah uh uh really a lot in the uh the private space and you know as i've talked to you about this stuff it feels like you're kind of marrying the uh you know what you might get in vc around a lot of energy on the current business uh and uh the founding team and everything like that with this macro view like you're talking about with instacart which is you know this cpg advertising and where it's moving and things like that and you kind of marry those together is that what differentiates d1 and privates and is that why you guys got into it or why did you get into private yeah we wanted to find uh you know our our goal is to invest in the best companies in the world and hold them for a long time and so you know investing privately allows us to identify those companies earlier and get involved earlier with bigger stakes and also we like working with imagine teams get to know them get to know the businesses and so um rather than wait for a company to it just didn't make sense to us if we're gonna hold the company for five or ten years why wait until the ipo you know to learn about it um we can invest earlier we don't invest so early that it's like a business plan we don't do series a typically but once there's product market fit and you know the business the competitive uh structure is established we can you know i don't care whether it's private or public necessarily um so you know that was the idea that is the idea how how did you get lps on board with this because lps obviously in the hedge fund world uh you know tend to like redemption rights and you know the the the control of being able to withdraw their money when they need to and privates is a very different kettle of fish yeah when we launched the fund um to be honest there wasn't much enthusiasm to invest in our private fund i don't like you know i don't hold that against any of our lps because uh my track record was 15 years primarily in public markets you know when i invested my own personal money in the fund i made it up to 50 privates uh we asked lps to do up to 35 and i think people were reluctant but you know we had we had good demand uh to invest in the fund and we basically said to people like you have to kind of trust us that we're going to um do the right thing with your capital in the private markets and that we'll be able to you know calibrate between private and public markets see where the better risk reward is and i'll get capital there as opposed to having two different funds you know if you have a private fund in a public fund you're gonna do private deals and you're gonna do you're gonna invest publicly like you know the theory is if you have one fund you allocate capital wherever the best opportunities are and that changes i mean it changes you know all the time um if i'm a founder uh you know there's many things you could say about 2021 but lacking in you know growth stage or late stage uh investment capital is probably not something you could say and so if i'm a founder why do i go and work with uh d1 yeah look our reputation's everything and our reputation's built built upon being a great partner to founders working closely with them uh doing the right thing um you know helping them in whatever way we can whether it's you know recruit candidates help them with strategy help them with the ipo help them with our network of other founders and you know there's certain things we do we don't invest in direct competitors of our portfolio companies there's a certain core principles that i think are important to the kind of founders we want to invest in and we don't you know we stick by those principles um yeah but the other day you're only as good as your reputation and so we you know do everything we can to make sure that founders have a good experience um quickly change gears and uh i want to uh you know it was just drive some accountability i want to grade your predictions from uh you appeared on stage at zone in 2019 uh i was actually there and you were on stage with um uh gabe plotkin and uh and graham and so uh you obviously didn't call a pandemic so uh uh maybe dock you a point for uh for that um you said uh uh tesla uh was maybe a a good bet and obviously that was uh maybe not fully consensus at zone so you might i don't know maybe you should do more i didn't buy it but yeah you said it on stage and that's what counts you said that canadian cannabis was a bubble and that has proved to be true and so what what was it that uh you know gave you um give you conviction on that i mean just just just growing marijuana there's not there's no moat there right so it was uh you know it was there's a lot of excitement because it was uh being legalized but the core unit economics were never going to be very good in growing marijuana and canada should never be a natural place to grow marijuana you're not going to be the low-cost producer growing marijuana in canada and you know just not conducive to growing marijuana um so it was just like you know you get these excitement these bubbles where people get overly excited about things they have a lot of retail investors and so that that wasn't a terribly difficult call of that sitting here two years later this is the outcome the difficult call was wasn't going to go up 100 first before it eventually imploded um you said you've given up shorting though i haven't given it up but we've uh we've definitely altered our approach why why well look we um uh after january uh became clear to us that there were just risks out there that we couldn't uh we didn't see prior to this uh in terms of the way social media can uh affect you know short selling and so we wanted the shorts to be smaller uh in absolute level just for risk management purposes um and then you know it comes down to um we still short stocks but return on time we don't we don't want the team to be too big you know we think having a team be you know tight and uh having cult we really value culture a lot so we don't want the team to get too big and um so we only have so many people and so much time in the day and uh if the positions of the short side are going to be materially smaller in the positions of the long side or our private positions you know we have three businesses we have privates we have you know long stocks and we have short stocks and you know i'd argue you know privates hopefully should be our most lucrative given that you know it's illiquid so you should get a premium um historically you know our long alpha is quite substantial and and shorting uh we i think we can be a good business over time um but um yeah i think you you short stocks for two reasons one is because you think it's a good business it generates alpha and two is for risk management purposes you want to mitigate volatility um i don't particularly uh worry about short-term volatility so the idea of shorting stocks as a you know mitigate to you know market volatility never really resonated with me it was always just to generate alpha and um you know i could probably add a bunch more people and uh and still do as much shorty as we do now but you know my uh my view is that um i'd rather keep the team tight and focus on the things where we can generate the most alpha which is how like at the other day i think that's how we determine how much value we're creating for our lps is there also like a lifestyle life cycle thing going on here where when you were starting with smaller amounts invested and maybe more of a need to not that you exactly need to prove yourself when you're starting out but you certainly need to prove yourself less now and so when you're starting out maybe you want to manage down volatility and um it's easier for it to kind of make a difference now that you're investing tens of billions of dollars it's both harder for it to actually matter and you can just say yeah it's going to be a bit more volatile and that's how it works and your you know lps would be fine with that i mean as you get bigger shorting becomes harder because the you know the worst companies don't get to be you know mega caps usually like once a while you get enron but that's that's quite unusual so um you know almost by definition as uh fun sizes get bigger short alpha should diminish uh more than long alpha should so that's just another another reason and then there's like look um you know shorting i started my career shorting stocks i mean that's how i got my first job i was by doing a short report um but like betting against uh growth betting is he's betting against people it's just not you know it's not the way i really enjoy spending my time like i'd rather spend my time helping a founder who has an amazing idea an amazing business you know grow it to be multiples of its current size so it's like all kinds of factors uh but um like at the end of the day we want to deliver value to our lps and we measure that by alpha and we think that we're going to generate a lot of value do you think lps are irrationally volatility averse for their own interests look i i i hate to generalize because lps are just there's so many different lps um but i think that human nature places a premium on um reduced volatility in the short term um i think at the expense of higher returns in the long term i personally don't um people like i've read articles they say i have an amazing risk tolerance and i actually think that i have very lit little risk tolerance just how you find risk it's like is risk that like you know tomorrow my portfolio could go down 20 if that's the case then i'm entirely risk tolerant if risk is that three years from now i've impaired capital then i have no tolerance for risk so like i don't think you can actually make great returns without taking the risk of short-term volatility i've always had a lot of short-term volatility in my returns um but i don't have any tolerance we buy the kind of companies that over the long term i i think the risk of impairing capital is quite low yeah and so i said yeah the long only shift actually or longer only uh helps with that risk aversion where yeah maybe you know you can argue about what the you know price will be you know two years from now but it's clearly a really high quality business i mean amazon is not going anywhere and so i guess that's part of how you can sleep better at night yeah i mean we uh we only buy businesses that we're comfortable holding for many many years uh we're careful about evaluation and uh we have a long duration so um i don't need to short stocks to hedge the companies i buy um you know but i don't i don't think there's anything anything wrong with shorting stocks it's it can yeah you know i don't think it's evil i don't think i think it's you know it's good for markets uh and we do it it's just not you know front and center the most important thing that drives our firm yeah as we talk about sourcing you know obviously there's been a lot of ink spilled on the casinois of the stock market of late and uh you know i actually realization recently that back home betting online is legal for normal things like horses or soccer matches or whatever whereas here online gambling is not legal and so as a result uh you know people are buying out of the money call options on spec vehicles and all this kind of stuff and so has that affected any of what you all do or are you mostly trading different assets than um than the the casino crowd uh i think if you go back to my comment on january about like you know what social media can do and you know january euphemism for gamestop games up sorry okay i mean and gamestop would be you know would you know be euphemism for like everything that happened you know during that that period it wasn't just game stuff um but um you know certainly retail investors create a lot more short-term volatility which you know is generally fine with me but um on the short side if there's a lot of uh volatility shorts are different than longs like loans go down you know your capital goes down but you know you're actually at the the position scientists get smaller but shorts go against you leverage goes up so and position sizes get bigger and so um from a risk management standpoint i think that like anybody who's transacting in the market with a completely different strategy that i'm doing should be good for me right because if i'm playing football and you're playing basketball like it's fine like you know i can play my game you play your game but um and your game should give me opportunities like if people are gambling on stocks and not paying attention long-term fundamentals that should be good but the gambling creates really excess volatility you just have to be aware of and be careful of especially on the short side yeah okay so it's created excess volatility but that's mostly good in kind of a mr market sense yeah i don't think like i don't have anything against retail investors betting or whatever you know we're gonna do i don't i can't imagine on average it's gonna be an amazing you know return if you're day trading or buying options on you know things one week out you're eventually probably going to lose um but you know for my business particular it just means we have to size shorts a little bit differently and just be aware that there are players in the market who are quite aggressive and playing a different game yeah let's talk about you um first off uh i feel like i guess uh texts from you in either groups uh or kind of one-on-one at all sorts of crazy hours of the night how much sleep do you get i mean i sleep in like spurts like you know my job it's like you get to get over time like i used to invest a lot in asia and that's not in europe it's like you wake up every three hours i get a call from the trader the blah blah blah is happening and then like your body clock just goes to like sleeping in two hour increments and this is not like something i recommend it's actually real dedication to craft yeah it's something i think i'm really trying to move away from but it is just a bad habit um so i think in aggregate i probably get not enough sleep but not as little sleep as you might think if you look at my text in the middle of the night got it okay and then the other thing i've experienced from you uh uh in in in some of our discussions is you know you'll say well i'm not a macro guy i don't know anything about macro and then you'll give this like incredibly coherent well thought out macro view and so uh you know woke up the headlines this morning of 4.2 percent inflation and obviously uh uh you know lots of uh prognosticating happening over what's going to happen over the next uh you know one or two years what is your macro view that's informing the investing you're doing you're not a macro guy yeah i mean look i think that um the problem with having you know macro views typically is they tend to come out like extreme statements it's like people like to say like it's gonna be the 1970s or it's gonna be japan and like but it makes for great cnbc watching yeah like at the end of the day like that's like uh that can happen and i'm not you know but that that's a very small percentage of the potential outcomes um and so i think that the you know my my view is like like the fed's probably uh being way too lenient on uh a monetary policy i think that you know there's a lot of savings built up there's a lot of pent up demand and um but like you know the fed changes course all the time it's like they're not you know we'll see like you know they don't know that much more than we do and when they get proven wrong they will uh adjust and i think that's their view is it's easier to adjust by letting things go hot and tightening you know more aggressively have to than it is to let things go go sideways or go you know or decline because once you get you know there's only so much liquidity you can pop into the system before you're kind of running out of bullets that i think that's the general idea and i don't have any reason to believe that's not accurate i think the market tends to overreact on both sides like when rates went to like whatever it was 50 70 basis points in 10-year like it didn't mean that every tech stock should be up 100 like that's just it's just math like you know how much of your like of amazon is that it's a perfectly inflation-hedged business oh i mean actually like well i think amazon's probably more inflation hedge than uh people would think but right now the market's treating amazon as if it's like directly negatively impacted by inflation um i think that there's probably you know on i guess it's probably neutral if i were to say like you know if you looked at the fundamentals of amazon like i'd say they're not huge beneficial inflation or they're probably terribly hurt by inflation um but um you know why is facebook trading at such a cheap valuation facebook i think look i think social media has uh facebook's always got a cheaper valuation than the other companies i think that the moat is a little bit harder to feel great about over 10 years for the market i'm not saying this is not my personal opinion um you know just um because uh you know things like tick-tock coming in nowhere or you know snapchat you know instagram kind of came into nowhere so like i think social media uh the experience in you know facebook's only 14-year you know i know when they went public maybe it was 11 years ago so it's not that it's you know and over the course of those 11 years has been public which is not that long and you know market history there's been you know instagram they had to buy and whatsapp came up they you know had to buy that and then you had tick tock which obviously haven't bought but it's like there's just a lot of things that are coming out then whereas like yeah you could argue that like shopify um is a risk to amazon but not really i mean i think that uh you know and uh disney and i don't think it's a really risk to netflix so i think that uh people are always think that social media has less durability i actually think that um the last 10 years are probably the wrong uh mental model we've used for the next 10 years because um yeah i think that the big social media uh businesses have been established by now and um you know i think that uh facebook's probably has a better chance of being you know the most important platform the next generation of social media than anyone does of displacing facebook meaning that like i think that if you believe which i actually am not sure whether arvr is the next big thing in social media facebook's likely to be the winner um i think that's more likely than somebody else coming out of nowhere and you know displacing a kind of uh engagement on facebook so mark is like a roman general he's like a very impressive leader yeah look i i think the more i meet people from facebook the more i'm super impressed by the team there um yeah the only thing i think only you know knock i'd say on a lot of the fan companies other than netflix perhaps and google more lately is they just the capital location's been poor um historically and um so i think the opportunity would be for these companies to get more aggressive uh in buying back the stock you mentioned netflix and uh one um graham's asked me to pull actionable stock picks out of you and so i will try to but for as long as i've known you you've basically you know if i was to ask you to kind of condense yourself into one stock pick it would just be you know investing isn't that hard to just buy netflix and go to sleep um uh what is it that has historically given you such conviction on netflix and how do you feel today yeah because i think we think about like what is the moat that you know the the companies like future and uh you know the mode that netflix has i see is being um not penetrable uh because um the amount they're spending on content and the reach they have allows them the content is a fixed cost and the more you can sell that over a broader reach um you know the more you can bring down the costs you know per person you're selling it to so effectively you have this flywheel where they're spending more and more in content but not raising price as much as they're sending on content to the end users so the value to the end users going up and up invest more content invest more content and it's it's very difficult like even companies like disney which we own uh it has you know built up amazing franchises for decades and decades decades um i think they'll be competitive in their own right but they're not going to displace netflix um it's i think it's over so i don't think anyone can displace netflix i think and i think that uh the world in ten years is going to be entirely streaming um i don't think that there's going to be you know any linear cable and if you believe that then there should be 500 million subs netflix they should be getting 20 bucks a month uh well more than 20 bucks a month and um that will still be an amazing value proposition to the consumer the one things we look for in companies that we take huge stakes in are they are they providing a lot more to the consumer than they're taking so like you know netflix i think if you think about netflix you know at the current price um what you're getting relative to you know what uh they're taking in price is like a huge gap uh you know you could cost a hundred bucks to buy a cable uh netflix costs a small fraction of that but increasingly the content on netflix is almost as good as the entirety of the cable bundle so the content on tick tock is even better that stuff's pretty funny yeah yeah i don't watch that as much but um oh you're missing out i'll send you good ones but um uh do you guys model the embedded pricing power in the password reuse and kind of account sharing in netflix because presumably that's a big part of it where they haven't cracked down that they could that yeah we don't uh we don't they they've been reluctant to do that historically i think their view is like we want people to as many people as possible to enjoy the content and you can always go and do that in the future you know if you want to correct them so they haven't they haven't done it we don't model it explicitly but you know there's there's opportunity to certainly there's a lot of password sharing well what do you think of albert's uh twilio thesis from the prior section uh i thought uh i actually was part of the uh the panel that that chose that as the uh you think it's a good idea yeah i thought it was a great idea yeah we don't know but i think it's a great idea i i wanna i want to end on maybe a um a squishier topic uh one more um a question about you uh i feel like most hedge fund managers make i wouldn't say most there's a lot of bad bosses in the hedge fund world and i know what it is maybe it's like big egos or you know being a good investor doesn't necessarily make you a good manager but like i feel like you hear a lot of stories where it is like something out of hbo billions or or something and i've talked to a lot of people who've worked for you and they really like you know working at uh at d1 and working for you and so what that you think makes that work and what advice would you have for ransom time 15 years ago or 20 years ago or people kind of earlier in their careers yeah well um we tried to look at our own company the same way we look at companies when we're investing in them we try to have the same kind of thoughtful approach and we invest in companies in the private side particularly we look at glass door reviews and if the class overviews are bad it's a pretty big red flag um and for for our business you know we don't have factories we don't have that many assets i have a relatively small team we we try to we're trying to make it seal team six not like battalion of people and i think they're all stars and so we treat them the same way you know an nba team would treat you know their team if they had a world-class you know championship team and we we we treat people well not just because you know they're great and die for the business because also it's just the right thing to do and like you know we um uh when people choose to work at d1 i think i view it as an obligation on my part to make that a great decision because people who choose to work here are super accomplished they've worked hard their entire lives to get to this place and you know if i don't provide an amazing work environment or opportunity then like um you know i failed them and i'm not you know it's important that uh reputationally that we you know don't fail people internally and don't fail people externally do what we say we're gonna do um what advice would you have for the early career down sometime uh give me a bunch on this call watching don't don't short gamestop uh yeah i mean like look you know i think it's like you always wish you could go back and like you know knew everything you know now then but like to me like you know uh life and investing and this job is is is a journey like the journey is fun like it's not always fun like today's not fun and you know january wasn't fun but uh but generally it's fun that the process of learning and and experiencing and you know that form of pattern recognition so like i think i probably wouldn't want to tell myself too much because the process is like you know is a lot of the thing that makes this fun is there anything in the vein of um errors of commission versus errors of omission or you know you hear druck and soros uh talk about you know their big bets and uh uh drugs saying that her soros really helped him was in uh ensuring you know to size the bets appropriately and to actually act on his conviction but you know do you have any reflections in that vein no one's ever need to do that with me so i have no problems i have no problem uh i need to borrow convictions from anybody um i uh so i don't worry too much about errors of omission because but there's so many ways to make money in the markets and investing it's like if you beat yourself up about everything you miss to me like things that you miss are not an opportunity to beat yourself up things you miss or an opportunity to learn um and so like why did i you know not buy shopify at 100 what what was what could i have seen when the stock was 100 that next time i won't miss it um and um you know that's more important to me than like you know getting upset about error mission because it's like you know there's a hundred times more errors of emission than there are uh wins you don't need to get everything right you get a few things right um i mean on shopify presumably in retrospect the combination is market leader with uh extremely strong management team and lots of expansion opportunities and so to close where are we missing such opportunities today which companies uh let's see i mean um i am quite bullish on uh and and some of our private investment activities are informing what we do in the public side but i'm really bullish on uh used car sales online uh we have investments privately in europe in latin america and we hold a big position in carvana in the us and you know i think that um like the simple thing the simple analysis is this is a way better consumer experience than going to a lot and negotiating with a used car salesman and so it's a better value proposition and there's massive economies of scale so year after year after year so i think you look out 15 years from now i think you could see a case that thirty percent of used car sales are done online you know they own 65 percent of that market and the stock is many multiples of where it is now and we see that playing out like in every geography around the world it's like this is kind of common sense i bought my forward on that shift we were great um alrighty uh we will have to leave it there dan this was so much fun thank you and uh graham i will turn it back over to you thanks john thanks dan that was fantastic thanks to all our speakers today who gave us the gift of your time and incredible ideas to help us raise money for high risk high reward research at rockefeller i hope to see everybody in person a year from now in new york city goodbye everybody thanks again for tuning in

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Length: 37min 15sec (2235 seconds)

Published: Wed May 12 2021

Reddit Comments

[u/Fit-Possibility-9993]

19:45 - John talks about OTM call options on SPACs

The whole interview seems like getting a vibe for why someone would want to buy a private business.

I think iconic maybe not so much globally, but they’ve been the darlings of SV for years.

I don’t see how they’ve been helping Bloomberg, but we have seen the moves Stripes made for months on end.

That being said, it’s Bloomberg.