Oct 6, 2025 · 11m · allin
The Next Bubble Is Already Here - Chamath Palihapitiya
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In this episode of the All-In Podcast, Chamath Palihapitiya and Jason Calacanis analyze the macroeconomic cracks in private equity and private credit, the dysfunction of traditional public exits, and a proposed re-engineered SPAC model to fix public listing incentives.
Statements from this episode (5)
Chamath Palihapitiya: Private equity returns will drop to zero
“And when you see that kind of graph, it doesn't matter what asset class it is, the returns go to zero. And so we've seen this in venture capital. We've seen this in hedge funds. And we're now going to see this in private equity.”
Chamath Palihapitiya: Private credit is the next big bubble building
“The money's already leaked into private credit, which is the next big bubble that's building.”
Calacanis: Private secondary market activity is coming back in a major way
“The good news is I will say the last year we've seen a lot more activity for shares of our companies. That are still private. So the secondary market, Friedberg is coming back in a major way”
Chamath sold his Coinbase holdings on day one of its direct listing
“When I had the Coinbase thing, I sold it the first day”
Chamath predicts next-gen SPACs will pre-wire billions in common equity
“I think the Raptor three will look like where somebody, a sponsor like me, Rolls everything up into one thing so that it's already pre-wired from the beginning where I'll just speak to a 1,000,000,002 1,000,000,003 billion, whatever it is, flexible capital tha…”