Tech Is Not Dead, Though It Is Certainly Changing: Kevin Philip
This podcast episode was recorded on Thursday, March 23 and released to premium subscribers the following day. To get early access to podcast recordings and take advantage of a host of other exclusive benefits, sign up to become a premium member at our Substack or Supercast. Kevin Philip of Bel Air Investment Advisors joins the podcast to discuss why he's still bullish about technology despite seismic changes in that industry, his less enthusiastic take on cryptocurrencies, and other issues he's watching -- be they in the banking sector or geopolitically. Content Highlights Tech is not dreck, nor is it dead. Technological advances are at the heart of US economic growth. Demand for digital goods may have gotten ahead of its skis during Covid. It will return (1:40); Chances for an interest cut by year-end have increased with the bank failures (4:30); The employment situation is changing in the technology industry as it comes to terms with delicate circumstances around business models and the concept of value in general (6:01); The bank failures may create opportunities for venture capital in two areas: secondary funds and a new vintage of funds that should generate outsize returns in the future (9:20); Tech stocks have been beaten down, but lower interest rates can sustain earnings multiples. There are risks, however... (11:23); Some of the threats and opportunities wrought by Chat GPT and AI (14:11); When it comes to cryptocurrencies, the guest is not a major fan -- and this was recorded before Binance (18:52); Silicon Valley Bank was poorly managed and had a bad business model. It deserved to fail (21:52); As for Credit Suisse, the Swiss bank appears to have been undone by a crisis of confidence (23:44); Background on the guest (27:50); Bel Air's clientele is mostly about wealth protection rather than growth. What are some tried and true methods for accomplishing this? (32:25); China discussion and why there's no need to invest internationally (34:48); Through it all, there are reasons for optimism (43:31). Not investment advice. For more information on the guest, visit the Bel Air Investment Advisors website.