Dear all,
It has been a little over one year since the Fed started increasing interest rates in May 2022, and what a wild year it has been for investors across the private and public markets. I had the privilege of attending three global conferences over the last two months – Milken, Scale Global and just last week SuperReturn Berlin – and this was a terrific opportunity to take a much-needed helicopter view of the new paradigm we are facing and explore with bright minds how to play as an investor a new game with new rules. If the seismic shift is general, one sector has been hit hard: Technology.
Yes, for the first time in a decade, macro matters to tech, and for those unprofitable companies whose earnings lie in the future, the continued increase of interest rates since last year has led to a steep decline in valuations in the public markets. The combination of rising interest rates and faltering public stocks have now filtered through the private markets, yet still only partially ref…