Episode
E85: SBF's crypto bailout, Zendesk sells for ~$10B, buyout targets, US diplomacy, AlphaFold & more
1:35:26
Published: Thu Jun 30 2022
Description
0:00 Bestie intros 4:09 Assessing SBF bailing out major crypto players & the state of the market 18:24 Classifying crypto assets, high-yield crypto lending 34:17 Zendesk sells for $10B, accounting for stock-based comp, evergreen standard in tech 1:01:24 Buyout targets, public market "regime change" 1:08:21 Russia/Ukraine impact on markets, could US diplomacy have prevented the war? 1:28:35 Science Corner: Friedberg breaks down the newest breakthrough AlphaFold application Follow the besties: https://twitter.com/chamath https://linktr.ee/calacanis https://twitter.com/DavidSacks https://twitter.com/friedberg Follow the pod: https://twitter.com/theallinpod https://linktr.ee/allinpodcast Intro Music Credit: https://rb.gy/tppkzl https://twitter.com/yung_spielburg Intro Video Credit: https://twitter.com/TheZachEffect Referenced in the show: https://www.wsj.com/articles/crypto-fund-three-arrows-ordered-to-liquidate-by-court-11656506404 https://www.cnbc.com/2022/06/22/sam-bankman-fried-rescues-crypto-lenders-blockfi-voyager.html https://www.coindesk.com/business/2022/06/25/morgan-creek-is-trying-to-counter-ftxs-blockfi-bailout-leaked-call-shows/ https://twitter.com/ForbesCrypto/status/1541893168152690690 https://californiahealthline.org/news/article/tech-titans-want-the-richest-californians-to-pay-for-pandemic-preparedness/ https://twitter.com/DavidSacks/status/1540732780501381121 https://www.marketwatch.com/story/gensler-labels-bitcoin-a-commodity-as-crypto-prices-stabilize-11656340239 https://www.coinbase.com/price/bitcoin https://www.coinbase.com/price/ethereum https://www.blockchaincenter.net/en/altcoin-season-index/ https://techcrunch.com/2022/06/24/zendesk-drama-concludes-with-102-billion-private-equity-acquisition https://techcrunch.com/2022/02/11/zendesk-spurns-17b-private-equity-takeover-offer/ https://investor.zendesk.com/ir-home/press-releases/press-releases-details/2022/Zendesk-Announces-Fourth-Quarter-and-Fiscal-Year-2021-Results/default.aspx https://investor.zendesk.com/ir-home/press-releases/press-releases-details/2022/Zendesk-Announces-First-Quarter-2022-Results/default.aspx https://cloudedjudgement.substack.com/p/clouded-judgement-62422 https://techcrunch.com/2022/02/25/zendesk-terminates-4-1b-surveymonkey-acquisition-after-its-own-investors-reject-deal/ https://www.google.com/finance/quote/CRM:NYSE https://www.google.com/finance/quote/WDAY:NASDAQ https://www.google.com/finance/quote/NOW:NYSE https://www.issgovernance.com/library/resurgence-of-evergreen-features-in-ipo-equity-plans-restrict-investor-say/ https://www.bloomberg.com/news/articles/2022-06-25/jana-partners-pulls-zendesk-proxy-fight-after-9-5-billion-deal https://cdn.manscaped.io/assets/investor-relations/manscaped-investor-presentation-slides-2022.pdf https://investor.onepeloton.com/node/9271/html https://investors.buzzfeed.com/node/7426/html https://kalshi.com/events/CPI-22JUN/markets/CPI-22JUN-T0.9 https://www.washingtonpost.com/national-security/2022/06/17/long-war-ukraine/ https://twitter.com/missy_ryan/status/1537944064703619074 https://www.reuters.com/world/kremlin-says-nato-expansion-ukraine-crosses-red-line-putin-2021-09-27/ https://www.reuters.com/markets/stocks/putin-warns-russia-will-act-if-nato-crosses-its-red-lines-ukraine-2021-11-30/ https://theconversation.com/ukraine-war-follows-decades-of-warnings-that-nato-expansion-into-eastern-europe-could-provoke-russia-177999 https://www.nytimes.com/2021/06/16/world/europe/biden-putin-geneva-meeting.html https://abcnews.go.com/amp/US/wireStory/us-officials-land-solomons-discuss-china-pact-concerns-84238211 https://amp.cnn.com/cnn/2021/09/01/politics/ukraine-volodymyr-zelensky-biden-white-house/index.html https://www.state.gov/u-s-ukraine-charter-on-strategic-partnership/ https://apnews.com/article/moscow-russia-europe-ukraine-belarus-6d9818ff922a2650de107734a7c3faf5 https://news.yahoo.com/blinken-says-no-change-nato-193615967.html https://www.scmp.com/news/china/diplomacy/article/3182517/does-chinas-demotion-its-deputy-foreign-minister-signal https://www.science.org/doi/10.1126/science.abm9326 All-In E79 on RvW leaked draft: https://youtu.be/qH696z3ml1Q
Chapters
The hosts debate the optimal percentage of political content in their show, and whether or not they should cater to audience preferences.
00:00 - 05:31 (05:31)
Summary
The hosts debate the optimal percentage of political content in their show, and whether or not they should cater to audience preferences.
EpisodeE85: SBF's crypto bailout, Zendesk sells for ~$10B, buyout targets, US diplomacy, AlphaFold & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
Off-chain trading of tokens, particularly on exchanges that are already insolvent, poses a significant risk to the Bitcoin market and those who invest in it.
05:31 - 17:06 (11:35)
Summary
Off-chain trading of tokens, particularly on exchanges that are already insolvent, poses a significant risk to the Bitcoin market and those who invest in it. The collateral damage that is caused by the failure of one token or platform can potentially be widespread and affect the entire market.
EpisodeE85: SBF's crypto bailout, Zendesk sells for ~$10B, buyout targets, US diplomacy, AlphaFold & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
The lack of transparency in the cryptocurrency market violated its fundamental principle and led to a lot of activity happening in the dark.
17:07 - 31:16 (14:08)
Summary
The lack of transparency in the cryptocurrency market violated its fundamental principle and led to a lot of activity happening in the dark. This will lead to a lot of regulatory actions and kill a lot of opportunities in the market.
EpisodeE85: SBF's crypto bailout, Zendesk sells for ~$10B, buyout targets, US diplomacy, AlphaFold & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
The SAS index is down to about five and a half times revenue for the median SAS company, which is growing about 20%.
31:16 - 40:12 (08:55)
Summary
The SAS index is down to about five and a half times revenue for the median SAS company, which is growing about 20%. Bottoms-up SAS companies, that sell to the low end of the market, are the easiest kind of SAS company to start and are the ones that are most likely to be funded by experienced investors.
EpisodeE85: SBF's crypto bailout, Zendesk sells for ~$10B, buyout targets, US diplomacy, AlphaFold & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
The issuance of stock-based compensation is dilutive, thus reducing a shareholder's relative ownership in a company that generates cash flow.
40:12 - 59:56 (19:43)
Summary
The issuance of stock-based compensation is dilutive, thus reducing a shareholder's relative ownership in a company that generates cash flow. Companies reporting positive free cashflow boosted by stock-based compensation do not reflect the company's actual profitability.
EpisodeE85: SBF's crypto bailout, Zendesk sells for ~$10B, buyout targets, US diplomacy, AlphaFold & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
The accounting behind stock-based compensation can distort the real financials of a company, making it critical for investors to be aware of the short-term costs associated with it.
59:56 - 1:04:22 (04:26)
Summary
The accounting behind stock-based compensation can distort the real financials of a company, making it critical for investors to be aware of the short-term costs associated with it. The debt of a company is always senior to equity, so investors should aim to protect capital by owning debt instead.
EpisodeE85: SBF's crypto bailout, Zendesk sells for ~$10B, buyout targets, US diplomacy, AlphaFold & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
Inflation and uncertainty continue to be concerns as rent prices are expected to rise and the situation with Russia and Ukraine remains unpredictable.
1:04:22 - 1:13:18 (08:56)
Summary
Inflation and uncertainty continue to be concerns as rent prices are expected to rise and the situation with Russia and Ukraine remains unpredictable.
EpisodeE85: SBF's crypto bailout, Zendesk sells for ~$10B, buyout targets, US diplomacy, AlphaFold & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
Russia has been vocal about Ukraine's entry into NATO being a red line since NATO's declaration in 2008.
1:13:18 - 1:18:43 (05:25)
Summary
Russia has been vocal about Ukraine's entry into NATO being a red line since NATO's declaration in 2008. The Ukraine-Russia war needs an off-ramp to ensure predictable energy and food supply to avoid a famine affect 40 million people.
EpisodeE85: SBF's crypto bailout, Zendesk sells for ~$10B, buyout targets, US diplomacy, AlphaFold & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
The US is hypocritical in its treatment of Russia when it comes to NATO expansion and security concerns, while also acknowledging President Putin as a thug.
1:18:43 - 1:21:34 (02:50)
Summary
The US is hypocritical in its treatment of Russia when it comes to NATO expansion and security concerns, while also acknowledging President Putin as a thug. Previously, the US did not recognize any security externality for Russia if Ukraine joined NATO.
EpisodeE85: SBF's crypto bailout, Zendesk sells for ~$10B, buyout targets, US diplomacy, AlphaFold & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
In this transcript snippet, the speakers discuss the doctrine on security alliances and the potential harm of allowing countries to join any military alliance they choose.
1:21:34 - 1:26:54 (05:20)
Summary
In this transcript snippet, the speakers discuss the doctrine on security alliances and the potential harm of allowing countries to join any military alliance they choose.
EpisodeE85: SBF's crypto bailout, Zendesk sells for ~$10B, buyout targets, US diplomacy, AlphaFold & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
A team at Harvard has used X-ray imaging and alpha fold to create a detailed 3D model of the nuclear pore complex, with potential implications for understanding the underlying cause of diseases such as cancer and developing therapeutics to target specific molecules.
1:26:54 - 1:33:04 (06:09)
Summary
A team at Harvard has used X-ray imaging and alpha fold to create a detailed 3D model of the nuclear pore complex, with potential implications for understanding the underlying cause of diseases such as cancer and developing therapeutics to target specific molecules. Dysfunction in the cell's transmission of molecules in and out of the nucleus can lead to brain injury, viral infection, cancer, and cardiovascular disease.
EpisodeE85: SBF's crypto bailout, Zendesk sells for ~$10B, buyout targets, US diplomacy, AlphaFold & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
This podcast discusses how AlphaFold, a protein folding AI, was used to solve a biological mystery, and the potential implications it has for medical research and discovery.
1:33:04 - 1:35:02 (01:58)
Summary
This podcast discusses how AlphaFold, a protein folding AI, was used to solve a biological mystery, and the potential implications it has for medical research and discovery.