The EIS Navigator is produced and hosted by Dr Brian Moretta and focuses on the UK venture capital industry.
Valuations are always a popular topic. With much discussion about whether we are at the bottom of the current cycle, John Glencross, CEO and Co-Founder of Calculus Capital, who has experienced multiple economic cycles, speaks to Brian Moretta.
The podcast covers the current market, how this compares with recent times and how a fund manager handles the cycles.
Topics discussed included:
How companies are accepting lower valuations;
The danger of growth at any price;
Where there are still bubbles and what the consequences of these might be;
How to manage investing when valuations are high;
The psychology of down rounds;
Preferential return structures and what John is seeing in the market;
Real unicorns versus valuation aberrations;
How valuation matters for investing;
How Calculus values existing portfolios;
John’s sense of valuations in the EIS & VCT market and where he thinks the discrepancies are;
How close we are to the bottom of the valuation cycle.