Legendary Investor Invoice Gurley on Investing Guidelines, Discovering Outliers, Insights from Jeff Bezos and Howard Marks, Should-Learn Books, Creating True Aggressive

January 27, 2023
Illustration through 99designs

“The minute you set a really exhausting rule, you is likely to be setting your self up for a mistake. And enterprise, I’ve discovered, is a world the place that occurs incessantly.”

— Invoice Gurley

Invoice Gurley (@bgurley) has spent greater than 20 years as a normal accomplice at Benchmark. Earlier than coming into the enterprise capital enterprise, Invoice spent 4 years on Wall Road as a top-ranked analysis analyst, together with three years at Credit score Suisse First Boston.

Invoice additionally maintains a weblog on the evolution and economics of high-technology companies referred to as Above the Crowd.

Over his enterprise profession, he has labored with such firms as GrubHub, Nextdoor, OpenTable, Stitch Fix, Uber, and Zillow.

Invoice has a BS in laptop science from the College of Florida and an MBA from the College of Texas. He’s additionally a chartered monetary analyst. Invoice is a board trustee on the Santa Fe Institute, a analysis and training heart centered on the examine and understanding of advanced adaptive methods.

Please take pleasure in!

Hearken to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Stitcher, Amazon Music, or in your favourite podcast platform. You’ll be able to watch the interview on YouTube here.

Dropped at you by Protekt’s REST sleep complement, Athletic Greens’s AG1 all-in-one dietary complement, and Shopify international commerce platform offering instruments to begin, develop, market, and handle a retail enterprise. 

The transcript of this episode will be discovered right here. Transcripts of all episodes will be discovered right here.

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#651: Legendary Investor Invoice Gurley on Investing Guidelines, Discovering Outliers, Insights from Jeff Bezos and Howard Marks, Should-Learn Books, Creating True Aggressive Benefits, Open-Supply Methods, Adapting Psychological Fashions to New Realities, and Extra

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Need to hear one other podcast episode with a world-class investor? Have a hearken to my most up-to-date dialog with Oaktree Capital Administration’s co-founder Howard Marks, wherein we mentioned navigating unprecedented uncertainties, crowded versus uncrowded alternatives, the state of the American economic system, discovering higher-signal sources of data, and rather more.

#431: Howard Marks on the US Greenback, Three Methods to Add Protection, and Good Questions

What was your favourite quote or lesson from this episode? Please let me know in the comments.

SCROLL BELOW FOR LINKS AND SHOW NOTES…

SELECTED LINKS FROM THE EPISODE

  • Join with Invoice Gurley:

Twitter | LinkedIn

SHOW NOTES

Editor’s be aware: timestamps shall be added shortly.

  • The e-book Invoice calls “probably the most environment friendly short-form MBA one can discover.”
  • Promote-side analysts vs. buy-side analysts.
  • Monetary fashions, guidelines of thumb, and making (typically incorrect) selections.
  • Howard Marks and Stan Druckenmiller.
  • Micro vs. macro investing.
  • Institutional Investor’s All-America Analysis Group.
  • Increasing distribution.
  • Return On Invested Capital (ROIC).
  • Repurposing good concepts for various purposes.
  • The conviction of community results.
  • SaaS and open supply.
  • Guess sizing.
  • Equal partnership over hierarchy.
  • Classes discovered from companions.
  • Beneficial assets.
  • Issues open supply can clear up.
  • Constructing a greater community with the curiosity graph.
  • Dissecting Invoice’s Twitter thread about dangers and sudden valuation resets.
  • The Metaverse.
  • Income and earnings high quality matter.
  • Undervalued aggressive benefits.
  • Jeff Bezos: company mad scientist?
  • The counterintuitive condemnation of firm camaraderie.
  • Tobi Lütke.
  • Books Invoice has gifted incessantly.
  • The Santa Fe Institute.
  • Invoice’s board.
  • Cultivating anti-tribalism.
  • Twitter: what’s it good for?
  • Newsletters and different assets Invoice depends on.
  • Invoice’s e-book in progress.
  • Regulatory seize.
  • Predicting what America will appear like in 10-20 years.
  • Parting ideas.

MORE BILL GURLEY QUOTES FROM THE INTERVIEW

“The minute you set a really exhausting rule, you is likely to be setting your self up for a mistake. And enterprise, I’ve discovered, is a world the place that occurs incessantly.”

— Invoice Gurley

“The method by which you truly put the phrases to paper and construction the paragraphs, construction the argument, you get smarter. Typically you determine, ‘Oops, I used to be incorrect.’ You be taught by placing all of it collectively.”

— Invoice Gurley

“In the event you’re beginning an organization since you suppose it’s going to be a great life-style, holy shit. You’re in for a impolite awakening.”

— Invoice Gurley

“Open supply is approach higher at advanced issues than easy issues.”

— Invoice Gurley

“Why will we use authorities {dollars} to fund stuff that turns into proprietary?”

— Invoice Gurley

“Be much less tribal.”

— Invoice Gurley

PEOPLE MENTIONED

The Tim Ferriss Present is one of the preferred podcasts on the earth with greater than 900 million downloads. It has been chosen for “Better of Apple Podcasts” 3 times, it’s typically the #1 interview podcast throughout all of Apple Podcasts, and it has been ranked #1 out of 400,000+ podcasts on many events. To hearken to any of the previous episodes without cost, take a look at this web page.

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