Who is on this subjectordered by the date of their first quote here
5 of 5 lanes rest on fewer than 5 quotes and are marked thin. Offsets are days from the middle first-quote date, 25 Jan 2022 — a date, and nothing else. It is not a claim about who reached a view first.
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Bill Gurley
2
thin
11 Dec 2012 – 26 Jan 2026
-3332 d
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Brad Gerstner
3
thin
23 Jun 2020 – 31 Jan 2024
-581 d
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Gavin Baker
1
thin
25 Jan 2022 – 25 Jan 2022
+0 d
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Marc Rowan
2
thin
5 Dec 2023 – 16 Apr 2026
+679 d
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Howard Marks
1
thin
21 Apr 2026 – 21 Apr 2026
+1547 d
The chronologysourced and dated, oldest first
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Bill Gurley
Gurley cites LP analysis showing top 10 VC funds all fell out when removing their single best performer.
“And then they took the top performer out of those funds and they all fell out of the top 10 or maybe one of them stayed.”
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Brad Gerstner
Gerstner notes top internet companies grew from 5% of Nasdaq in 2006 to 35% today.
“In 2006, the top six or seven global Internet companies represented about 5% of the Nasdaq. Today, they represent about 35% of the Nasdaq. So the big have gotten bigger at an accelerating rate,”
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Brad Gerstner
Gerstner notes top internet companies grew from 5% of Nasdaq in 2006 to 35% today.
“In 2006, the top six or seven global Internet companies represented about 5% of the Nasdaq. Today, they represent about 35% of the Nasdaq.”
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Gavin Baker
Baker says Nasdaq returns in 2021 were dominated by Google, Microsoft, Nvidia, and Tesla, requiring 60% concentration.
“The market return, particularly for the Nasdaq, was really dominated by a few stocks, Google, Microsoft, Nvidia, Tesla.”
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Marc Rowan
Rowan says 100% of S&P returns this year came from 10 stocks at 50 PE, constituting 35% of the index.
“A 100% of our returns this year are from 10 stocks which constitute 35% of the S and P that traded an average PE of 50.”
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Brad Gerstner
Gerstner held over 70% of deployed capital in top positions, arguing concentration matters more than participation.
“Those positions represented over 70% of the deployed long capital in our fund last year. Stock selection matters. Concentration matters.”
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Bill Gurley
Gurley warns that widespread dependence on one player creates correction risk if they default on commitments.
“And that is another thing that could lead to a correction if they ever have to start defaulting on some of those commitments.”
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Marc Rowan
Rowan argues ten companies now represent nearly 50% of S&P 500, all concentrated on one trend.
“Have 10 companies today who account for nearly 50% of the S and P 500, and those 10 companies are all levered to one trend.”
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Howard Marks
Marks notes Buffett made all his money on twelve ideas over seventy years, illustrating the scarcity of great investments.
“And, you know, Buffet says made all his money on 12 ideas. Guy invested for seventy years. He says he made all his money on 12 ideas.”
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Where they overlapsame programme, same subject
- Invest Like the Best also carries Brad Gerstner and Gavin Baker on this subject, at different times.