https://minutesof.com/on/markets/ Everyone on the record about markets: 27 verbatim quotes from 8 people, March 2020 to August 2026, in one chronology, each with a timestamp and a link to… en Sun, 30 Aug 2026 22:33:05 +0000 https://minutesof.com/q/f697e83f-438b-4f9c-b085-5e953499f2a6/ https://minutesof.com/q/f697e83f-438b-4f9c-b085-5e953499f2a6/ “Recent evidence suggests this hedging activity may have plateaued, but it reinforces the need for consistent engagement with market participants to better understand shifts in trading activity that can have broader implications for the value of a currency and the FX market in general.” — John Williams, NY Fed speeches markets https://minutesof.com/q/27748950-6cd9-4b8c-9305-9cab78879ba0/ https://minutesof.com/q/27748950-6cd9-4b8c-9305-9cab78879ba0/ “Amid elevated uncertainty in U.S. trade policy last April, we observed unusual price action: the dollar depreciated while Treasury yields rose and equities declined.” — John Williams, NY Fed speeches markets https://minutesof.com/q/a629eb5a-2e90-4290-9c3b-9868dc49a1fb/ https://minutesof.com/q/a629eb5a-2e90-4290-9c3b-9868dc49a1fb/ “profit margins are quite elevated related to history and overall equity market, the volatility is low.” — Kevin Warsh, Varney & Co. Fri, 28 Aug 2026 17:04:37 +0000 markets https://minutesof.com/q/78670623-210e-4f63-ab47-d6f4df89262c/ https://minutesof.com/q/78670623-210e-4f63-ab47-d6f4df89262c/ “he says profit margins are quite elevated related to history and overall equity market, the volatility is low.” — Kevin Warsh, Varney & Co. Fri, 28 Aug 2026 17:04:37 +0000 markets https://minutesof.com/q/0aedba27-2554-4bc0-a130-e228914f12f6/ https://minutesof.com/q/0aedba27-2554-4bc0-a130-e228914f12f6/ “I think there was something like a 10% pullback in the Nasdaq from the peak. But when you look at this momentum trade, was down like 30% or 40%.” — David Sacks, All-In Podcast Sat, 01 Aug 2026 04:16:11 +0000 markets https://minutesof.com/q/08230fe1-71b8-405e-93b3-726af9084c3f/ https://minutesof.com/q/08230fe1-71b8-405e-93b3-726af9084c3f/ “Meaning that over the past year, you've had this roughly 10 x run up in memory chip stocks, and you've seen this overall huge rise in any stock that's related to the AI boom.” — David Sacks, All-In Podcast Sat, 01 Aug 2026 04:16:11 +0000 markets https://minutesof.com/q/c877114b-169f-4fcc-a18d-357bee75fea8/ https://minutesof.com/q/c877114b-169f-4fcc-a18d-357bee75fea8/ “A $120 oil will take its toll on the market if we don't solve that over the course of the next three to four months.” — Brad Gerstner, CNBC Television Mon, 04 May 2026 19:16:21 +0000 markets https://minutesof.com/q/0d969e05-e88f-47f3-a8da-dcac55b2f3f0/ https://minutesof.com/q/0d969e05-e88f-47f3-a8da-dcac55b2f3f0/ “You would have a hard time convincing me that risk capital is in shortage in America right now. I'm seeing the most risk seeking venture capital behavior I've ever seen in my entire life.” — Bill Gurley, Tom Bilyeu Thu, 23 Apr 2026 13:01:05 +0000 markets https://minutesof.com/q/481b12da-0839-4433-a067-c6a1fe9888fd/ https://minutesof.com/q/481b12da-0839-4433-a067-c6a1fe9888fd/ “for most of these high-tech companies, the next five years cash flow are a fraction of their actual market cap, which means all the values in the terminal value.” — Bill Gurley, Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 markets https://minutesof.com/q/46a04a7a-587a-4f65-a58e-fd2652a0affe/ https://minutesof.com/q/46a04a7a-587a-4f65-a58e-fd2652a0affe/ “And for the past twenty five, thirty years, you have these pops that have become expected, I would say. And it's a one day giveaway to their clients.” — Bill Gurley, Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 markets https://minutesof.com/q/f3fc5ca8-8916-4c4d-ac0a-cb2865cdd700/ https://minutesof.com/q/f3fc5ca8-8916-4c4d-ac0a-cb2865cdd700/ “I think they think a bunch of people put orders in, you sort them based on who's willing to pay the highest price” — Bill Gurley, Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 markets https://minutesof.com/q/260f76f8-da33-4869-a091-b8d4f64844e1/ https://minutesof.com/q/260f76f8-da33-4869-a091-b8d4f64844e1/ “There's this notion that the tool in this the software industry is in decline and will be replaced by AI.” — Jensen Huang, Cisco Wed, 04 Feb 2026 04:34:47 +0000 markets https://minutesof.com/q/908cc5a7-2b0e-4a34-9e1a-65a323d103ff/ https://minutesof.com/q/908cc5a7-2b0e-4a34-9e1a-65a323d103ff/ “And what we're seeing is a steepening of the yield curve. Rates that matter, the ten year, are higher even if short rates are lower.” — Marc Rowan, Yahoo Finance Wed, 10 Dec 2025 23:30:16 +0000 markets https://minutesof.com/q/77d789fc-e791-47b7-b4aa-277db09d6f74/ https://minutesof.com/q/77d789fc-e791-47b7-b4aa-277db09d6f74/ “What I've said is I see us moving from what was hyperexceptionalism to merely exceptional because I don't think there are good alternatives to The US today, but that can change over time.” — Marc Rowan, Bloomberg Podcasts Mon, 05 May 2025 14:48:44 +0000 markets https://minutesof.com/q/a9edac1b-35b4-4e07-bb02-bdc3e28f19b0/ https://minutesof.com/q/a9edac1b-35b4-4e07-bb02-bdc3e28f19b0/ “Those people who are tied to asset prices who thought we were had a God given right that everything move up at 11% annually are disappointed.” — Marc Rowan, CNBC Television Wed, 09 Apr 2025 13:34:06 +0000 markets https://minutesof.com/q/7b7386e0-c4be-4480-ae1b-0d9f3f3a9d16/ https://minutesof.com/q/7b7386e0-c4be-4480-ae1b-0d9f3f3a9d16/ “I think ironically, what people are not yet bracing for is that the success of austerity, the success of balancing the budget, the success of Doge, likely means short term pain for markets.” — Brad Gerstner, Upfront Ventures Thu, 13 Mar 2025 21:33:08 +0000 markets https://minutesof.com/q/87ff320f-836b-487e-9716-16a70df9701f/ https://minutesof.com/q/87ff320f-836b-487e-9716-16a70df9701f/ “When uncertainty goes up, discount rates go up, risk premiums go up, multiples come down, markets come down. That's that's the explanation for the last four weeks in the market.” — Brad Gerstner, CNBC Television Wed, 12 Mar 2025 13:00:04 +0000 markets https://minutesof.com/q/3f5e9eaf-2c7f-48f8-b0bc-58f4e721ceb3/ https://minutesof.com/q/3f5e9eaf-2c7f-48f8-b0bc-58f4e721ceb3/ “And the backdrop is that the economy is slowing, earnings are coming in lighter than people expected, and AI is creating more disruption, creating more uncertainty than we expected.” — Brad Gerstner, BG2 Pod Thu, 16 May 2024 19:31:21 +0000 markets https://minutesof.com/q/ec7e294c-a1fa-4fb3-97ad-186c8e426eb9/ https://minutesof.com/q/ec7e294c-a1fa-4fb3-97ad-186c8e426eb9/ “He said to me, the IPO market is slow in volume terms for lack of supply, not lack of demand. And I've been making this case that the IPO window is wide open.” — Brad Gerstner, BG2 Pod Thu, 18 Apr 2024 17:23:12 +0000 markets https://minutesof.com/q/a5c0968c-05ee-4ca2-baa4-d7308f8bbcc4/ https://minutesof.com/q/a5c0968c-05ee-4ca2-baa4-d7308f8bbcc4/ “I think two thirds of the companies that went public since COVID are trading at less than the cash they raised to date as public companies now.” — David Friedberg, Consumer VC with Mike Gelb Sun, 30 Apr 2023 12:51:57 +0000 markets https://minutesof.com/q/2fe26062-d6e3-480c-a0c1-dc602e6cb49e/ https://minutesof.com/q/2fe26062-d6e3-480c-a0c1-dc602e6cb49e/ “You can believe the next three months that we're likely to have more multiple compression in the public markets. Right?” — Brad Gerstner, All-In Podcast Sat, 17 Apr 2021 02:12:13 +0000 markets https://minutesof.com/q/f686692d-04c2-44c6-bc38-135e7cb0e021/ https://minutesof.com/q/f686692d-04c2-44c6-bc38-135e7cb0e021/ “What it has been slow in pricing in is how dramatically different the arc will be for many of these digital businesses. I remember having conversations with Rich and many others in May.” — Brad Gerstner, Invest Like the Best Tue, 27 Oct 2020 09:30:00 +0000 markets https://minutesof.com/q/55002a1e-d10f-4459-b878-14704edb3db8/ https://minutesof.com/q/55002a1e-d10f-4459-b878-14704edb3db8/ “If you look at the multiple expansion that's occurred, it's almost the identical mirror image of the multiple contraction that occurred in the fall of twenty eighteen. In Q4 twenty eighteen, we didn't have COVID.” — Brad Gerstner, Invest Like the Best Tue, 27 Oct 2020 09:30:00 +0000 markets https://minutesof.com/q/8c4b062a-9459-4d8b-907f-8d77313b6412/ https://minutesof.com/q/8c4b062a-9459-4d8b-907f-8d77313b6412/ “We started the year in our gross software index at 11 times. Now we're at about 14 and a half times two year forward.” — Brad Gerstner, Invest Like the Best Tue, 27 Oct 2020 09:30:00 +0000 markets https://minutesof.com/q/64fcaa5d-d009-4d3a-aba6-3d2b9a72e56e/ https://minutesof.com/q/64fcaa5d-d009-4d3a-aba6-3d2b9a72e56e/ “I feel obliged to do that. We started the year in our gross software index at 11 times. Now we're at about 14 and a half times two year forward.” — Brad Gerstner, Invest Like the Best Tue, 27 Oct 2020 09:30:00 +0000 markets https://minutesof.com/q/a686afe5-c8e9-47d2-9adc-e33f5036d654/ https://minutesof.com/q/a686afe5-c8e9-47d2-9adc-e33f5036d654/ “I didn't bet against them, but I chose not to bet for them because I made the argument consumers will only buy stuff that's cheaper and taste as good, and I was wrong.” — David Friedberg, All-In Podcast Sat, 19 Sep 2020 04:41:45 +0000 markets https://minutesof.com/q/b9f0e0f2-18b5-4431-bc17-82bf6118326a/ https://minutesof.com/q/b9f0e0f2-18b5-4431-bc17-82bf6118326a/ “1987, we saw 33% retracement. 2000, we saw 47%. 2008, we saw 56% and we're only 20 into this one.” — David Friedberg, All-In Podcast Sun, 15 Mar 2020 02:04:09 +0000 markets