Morgan Creek - Mark Yusko
Thinks cash will win again this year.
2001/2002 is the model to follow. Companies like Cisko, Microsoft, Qualcomm, Intel, real businesses, still underwater 18 years later bc got too expensive. AMZN and others in similar situation now (NFLX?). AAPL might be OK at its PE.
Thinks market 40-50% overvalued. Have lost 10-12%, so 30-40% to go to fair value, although no guarantee will get there. But math is that for every day above average, need to spend a day below average valuation.
2020 will see the bankrupcies saw in 2002 (Worldcom, Enron). Will be very tough 18 months ahead.