Chamath Palihapitiya was supposed to be the next Warren Buffett. Then interest rates spiked.
Palihapitiya addressed the destruction in value seen across technology companies"It was clear since the beginning of 2022 that technology, as a whole, was about to go through a correction. But the consequences and extent of the drawdown was a surprise to most of us. The amount of absolute value destruction, not just in companies, but entire sectors including crypto, SaaS, SPACs, and biotech was alarming.
And yet amid all of the destruction seen in the speculative tech space sparked by higher interest rates, one investor managed to navigate the volatility just fine: Warren Buffett. Buffett's Berkshire Hathaway delivered a positive 3% return for its investors in 2022, which highlighted the storied billionaire's ability to navigate periods of high uncertainty with relative success.Palihapitiya stopped comparing Social Capital's returns to Berkshire Hathaway's in his 2021 letter, so it's unclear if the returns of the two conglomerates are still comparable after 2022's destruction in the speculative tech space Palihapitiya knows so well.
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