Macro basket of credit default swaps used to hedge or gain exposure to credit risk.
1 take · first discussed Jan 4, 2025
Private company — no public price to score. We track what they said; valuation-mark tracking is on the roadmap.
Among the four hosts, only Chamath has offered a view on buying CDS (credit default swap protection) as a macro hedge, making this a single-host thesis rather than a broadly shared position. Chamath holds a medium-conviction bullish stance, framing the trade as asymmetric insurance against a potential credit or banking crisis in 2025, and explicitly likening the setup to Bill Ackman's highly profitable CDS trade at the onset of COVID. No other hosts have weighed in to either support or challenge the thesis, so there is neither consensus nor disagreement on record.
Chamath's best performing asset pick is buying CDS (credit default swap protection) as an asymmetric insurance against a credit/banking crisis, comparing the potential payoff to Ackman's COVID CDS trade.
I would be long CDS... I am buying insurance using credit default swaps... if it hits, it will be the best performing asset of 2025. It will be the equivalent of Ackman buying CDS right at the beginning of the COVID crisis.”1:15:35