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E54: Spread trading big tech, capital allocation, Zillow's misfire, Progressives suffer losses
2021/11/6
All-In with Chamath, Jason, Sacks & Friedberg
C
Chamath Palihapitiya
以深刻的投资见解和社会资本主义理念而闻名的风险投资家和企业家。
D
David Friedberg
美国企业家、商人和天使投资者，创立并领导了The Climate Corporation和The Production Board。
D
David Sacks
一位在房地产法和技术政策领域都有影响力的律师和学者。
Chamath Palihapitiya：微软在开发者工具发布会上披露员工个人信息的行为，并非出于帮助视障人士的真正目的，而是体现了'政治正确'。
做多微软和谷歌，做空其他大型科技公司，是一种风险对冲的最佳策略。
2021 年美国中期选举结果显示，选民对'政治正确'和极端政策的反感日益增强。民主党需要调整策略，避免极端政策，关注经济、教育和安全等核心问题才能赢得选民支持。
关于教育中'分层教学'的讨论，反映了机会平等与结果平等之间的矛盾。解决教育不平等问题，需要关注学校体制本身的问题，例如教师工会的影响。共和党需要摆脱特朗普的影响，才能在未来的选举中获得成功。
David Friedberg：人类文明的发展以牺牲二氧化碳和甲烷等气体为代价，应为此道歉。
创业工作室模式有利于长期投资和价值创造，避免了短期套现的压力。
中国研究团队研发的二氧化碳转化技术具有巨大的潜力，可以解决气候变化问题并带来经济效益。碳关税和技术创新是解决气候变化问题的关键。
David Sacks：Bird 公司成功上市，体现了公司快速发展的潜力。
Deep Dive
This chapter delves into the concept of spread trading within the realm of big tech companies, focusing on strategies involving major players like Google, Microsoft, Apple, and Amazon. It explains the rationale behind long and short positions, the importance of risk management, and the advantages of trading within highly liquid markets.
- Spread trading involves taking long positions in stronger companies like Microsoft and Google while shorting weaker ones like Apple and Amazon.
- The strategy leverages the liquidity and size of these companies' markets, allowing for significant positions to be held with lower risk.
- Interest rates and margin rates play a crucial role in the cost-effectiveness of these trades.
- Microsoft's distribution advantage is highlighted as a key factor in maintaining competitive positioning.
- The discussion emphasizes the importance of risk management in spread trading, contrasting it with naked long or short positions.
Shownotes Transcript