Chamath Palihapitiya was supposed to be the next Warren Buffett. Then interest rates spiked.

• Chamath Palihapitiya was dubbed the “next Warren Buffett” after a series of successful bets in 2019 and 2020.
• Palihapitiya even compared his returns to Buffett’s Berkshire Hathaway in his annual letters.
• But most of Palihapitiya’s investments soured as rates soared, denting his image as the next Buffett.

Social Capital founder Chamath Palihapitiya rode a massive wave of investment success during the low-interest rate era of the past few years, leading some to call him the next Warren Buffett.

Then interest rates spiked.