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Comment by ucaetano | Hacker News Reader

He's welcome to put his money where his mouth is.

If he's confident everything is overvalued, a big short on the market would be easy money.

Or maybe he's just trying to convince everyone that assets are overvalued, so he can buy them at a lower price.

As usual, follow the money. He's looking to actively invest $1.3Bi in tech firms, which shows that he doesn't believe his own bullshit.

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"The market can stay irrational longer than you can stay solvent"

Indeed, that's why you shouldn't put all your eggs on it, but if you have reliable info that an asset is overvalued, you should not hold back from placing a risk-weighted bet on it.

Shorting an overvalued asset is only smart if you believe it has peaked.

One of my favorite pronouncements is "corporations are dominated by short term thinking, sacrificing the long term for next quarter's results" by people who are unwilling to bet their own money shorting stocks.

Either everybody except him overvalues assets or Peter overvalues cash.

Since he's a smart guy and can't possibly believe that he's right and everybody's wrong he spends his apparently overvalued cash despite of what he feels.

You can believe that you're right, everybody is wrong but will eventually find out, and therefore you should place a risk-weighted bet on that.

It would be like most hedge funds: "I believe assets are overpriced, so I've shorted them".

He's doing the opposite: "I believe assets are overvalued, so I'm buying them".

This isn't even bullshitting, is blatantly lying.

You're missing a nuance-- he believes that less-liquid assets like early startups, or startups outside of B2C tech (and outside of Silicon Valley), are a place to still find value.

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