Billionaire venture capitalist Chamath Palihapitiya is predicting a big trend shift in the financial markets after nailing this year’s collapse.
In a new All-In podcast, the Social Capital CEO says he’s changing his stance on the financial markets after correctly predicting the meltdown this year.
In November 2021, Palihapitiya issued a warning to investors after big names like Elon Musk and Jeff Bezos started selling shares of their companies.
This time around, the billionaire says the markets are bottoming and consolidating.
“This is the time I think to start nibbling and start getting ready to really rip the money in. I think there’s enough signals everyday that tell me at least on the margin it’s time, because I think the markets do a reasonably good job of digesting news and then pricing the forward reality.
Today’s price is everything we already know. So the real guess is what’s about to happen in the future. From my perspective, I’m actually starting to get a little constructive here.”
The billionaire investor also says he’s convinced that the Federal Reserve will intervene to stop the bleeding.
“What market participants have always known for the last decade is that if things got very hairy, if there was uncertainty in the market, the Federal Reserve would and they have consistently stepped in to create a buyer of last resort. So it always eliminated that last part of true supply-demand balance.”
With that in mind, Palihapitiya says he’s willing to go out on a limb and say that the markets are a few percentage points away from the actual bottom.
“We could be 3% to 5% from the lows, but we’re more near the lows than the highs.
By the way, we will also relive what we have empirically known to be true and it’s been pretty well proven. The investments that one makes in this period will probably be the best for many, many years to come because they’ll have the most asymmetric upside. That was true in 2008, 2009 and 2010. It was true in 2022, 2003 and 2004.”
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