Etsy, Inc.

Chamath support ×1 ▲ on 🤖 Creator and gig income absorbs the labor force - participation stats understate earning power E152 · 2023-11-03 ▶ 9:10

You know, when you see like what Jimmy Donaldson does, or even like Kim Kardashian, what they do as content creators, it's just an intense process that then creates all this upside.

Jason support ×2 ▲ on 🤖 Creator and gig income absorbs the labor force - participation stats understate earning power E103 · 2022-11-05 ▶ 40:25

This is something important you're bringing up here. Gig workers are about 9% of the workforce and Uber and Dara had, they grew over 70% this year, but I think the big number that I watched for was drivers are making $36 an hour in the United States working for Uber. So you're exactly right. People are finding other options, whether it's DoorDash, Uber, Etsy.

Friedberg support ×2 ▲ on 🤖 Creator and gig income absorbs the labor force - participation stats understate earning power E103 · 2022-11-05 ▶ 39:23

People are making more money on YouTube, on Instagram, on TikTok than ever before. There's a whole new class of work that revolves around the individual creating their own business, creating their own income stream that's simply taken off and has taken off.

Friedberg support ×2 ▼ on 📈 Pandemic pull-forward reverses — COVID winners take an estimate double-whammy E89 · 2022-07-29 ▶ 28:21

if you're working in the office, you're going to do more e-commerce. And if you're working at home, you're probably going to do less e-commerce. So there's probably some net-net balance. We saw both of them rise together during COVID, but now there's more of an equilibrium being reached.

Sacks support ×2 ▼ on 📈 Pandemic pull-forward reverses — COVID winners take an estimate double-whammy E89 · 2022-07-29 ▶ 21:08

I mean, everybody made that mistake, right? So, you know, it's just you're right, Chamath. Just own it. Everyone was thinking the same thing. We're talking about how COVID was this acceleration of this virus, and it was going to accelerate all these trends.

Chamath support ×3 ▼ on 📈 Pandemic pull-forward reverses — COVID winners take an estimate double-whammy E89 · 2022-07-29 ▶ 19:50

I mean, mean reversion is a bitch. If you look at Shopify stock, if you look at Peloton stock, if you look at Affirm stock, if you look at Arc, you know, a lot of these things were trending in a great direction. They had this short-term crazy behavior in the middle of all of this free money, and now they've mean reverted.

And then add to that that consumers are now starting to come back to conferences like this, go back to the restaurants and the clubs and doing the travel. And during the pandemic, everybody just bought stuff. You got to get your dopamine from somewhere and everybody was just buying goods. So that is like a triple whammy for these companies.

Sacks support ×2 ▼ on 📈 Pandemic pull-forward reverses — COVID winners take an estimate double-whammy E80 · 2022-05-13 ▶ 14:52

So the stocks that got hammered were generally the COVID stocks. It was the Pelotons, the Netflix, Zoom. ... So basically, the COVID stocks have been hammered, but the B2B stocks actually had really good results.

Sacks support ×2 ▼ on 📈 Pandemic pull-forward reverses — COVID winners take an estimate double-whammy E70 · 2022-02-24 ▶ 1:00:37

people are realizing now that the burst of activity, especially like in e-commerce type companies that happened during the pandemic, that was not ongoing sustainable growth. It was one time growth ... it was pull forward growth, meaning that growth in the future will be lower because you pulled forward all of that revenue ... So what happened is not only have multiples gone down, but these companies were being comped based on growth rates that were unsustainable. And so now they're all revising their forecasts down. So it's a double whammy.