Invest Like The Best
Episode 260 The Cyclone Under the Surface
Invest Like The Best

Episode 260: The Cyclone Under the Surface

Invest Like The Best

Episode 260

The Cyclone Under the Surface

Gavin Baker is the managing partner and CIO of Atreides Management. We cover the current state of growth equities, the disconnect between private and public markets, and how semiconductors have evolved.

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[00:02:30] - [First question] - What it’s been like investing over the pandemic

[00:06:14] - The way he thinks about multiples, how they’ve done, and where they’re going

[00:09:14] - Themes that most have his attention in our current economic landscape

[00:19:25] - The ways in which wage inflation negatively impacts the market

[00:25:39] - How semiconductors have evolved and what matters in that subsector

[00:32:47] - Software volatility and the roller coaster it's been on lately

[00:35:52] - A future state where infrastructure overtakes apps

[00:41:03] - Key differences between internet and software and how they behave

[00:43:44] - The coming trend of the metaverse and his reaction to public adoption

[00:49:26] - Investor and business opportunities in adopting tech trends

[00:53:54] - An unfolding mismatch between private and public market multiples

[00:57:17] - How the competitive landscape of venture capital might evolve

[01:05:54] - Differences in recruiting and training talent in private and public markets

[01:10:20] - Sci-Fi novels that he’s read recently; Dune, A Wizard of Earthsea, Culture, Hyperion 

The Cyclone Under the Surface

Introduction

Patrick
My guest today is past guest Gavin Baker, managing partner and CIO of Atreides Management. Gavin's focus is on consumer and tech growth investing, which makes him the perfect person to discuss the blood bath we've seen in many growth equities over the past few months. We also cover inflation, semiconductors, and the disconnect between private and public markets. Please enjoy this conversation with the always great Gavin Baker.

How Investing Feels Right Now

Patrick
So Gavin, here's our traditional every 18 month or so podcast. I'm so excited to talk to you again. Markets have changed a lot. I think the last time we talked was not maybe at the bottom, but pretty damn close to the bottom, in the beginning of COVID. Market was off 30% or something crazy like that. We sure have come a long way. If you just look at the index levels, it's been a wild, wild ride. Maybe we'll just start at the very highest level. What's it been like investing since our last conversation? How would you characterize the period relative to the rest of your career?

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