Kamala surges, Trump at NABJ, recession fears, Middle East escalation, Ackman postpones IPO

4239.665 - 4262.925 Chamath Palihapitiya

The whole point is, what are these businesses in the business of doing? They're in the business of making bets. The problem is that those bets are short-term anomalous events. Sometimes they work, sometimes they don't work. The problem with that is that investors who are trying to underwrite 20 or 30 years of returns don't know how that's predictable over that period of time.