Bill Gurley – All Things Business and Investing - [Invest Like the Best, EP.137]
Listen now
My guest this week is Bill Gurley, a general partner at Benchmark Capital and one my favorite investment thinkers. As you’ll hear, despite enormous success through his career, Bill is clearly still in love with business and investing. Where many might discuss past glories, I’ve been incredibly impressed with how both Bill and his partners emphasize the current portfolio and market landscape. I’m thankful to have had the chance to speak with him in this format. I hope you enjoy our conversation. For more episodes go to Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at Follow Patrick on Twitter at @patrick_oshag   Show Notes 1:13 - (First Question) – The idea of increasing returns             1:21 – Competiting Technologies, Increasing Returns, and Lock-in By Historical Events             2:07 – Complex Systems Theory – Santa Fe Institute 4:35 – Markers that could be a sign of network effect in a company 6:27 – The opportunities for companies to capture network effect 8:46 – Are there certain teams/leaders that are more conducive to leading a network effect company 11:55 – Liquidity quality 13:35 – How important is the revenue model at the beginning 15:59 – Fascination with Nextdoor             17:56 – Paradox of Choice 18:39 – Finding opportunities 20:17 – Potential marketplaces and assets that could be commoditized             20:20 – All Markets Are Not Created Equal: 10 Factors To Consider When Evaluating Digital Marketplaces 21:39 – Usage yield on the world’s assets 23:50 – Has technology changed the world of value investing 26:28 – Hyper niche marketplaces 27:52 – Challenges of labor marketplaces 30:12 – User generated content businesses 32:44 – People who are capable of building UGC businesses 33:16 – His interest in Discord 34:31 – Factors of a healthy marketplace 37:57 – Fools’ gold in marketplace businesses 39:04 – How influx of cash is impacting the marketplace business landscape             40:43 – All Revenue is Not Created Equal: The Keys to the 10X Revenue Club 43:20 – How does the influx of money into the space impact him 46:44 – Spending money to attack top brands 50:32 – Regulatory capture 53:36 – His thoughts on the IPO market 57:49 – How did he realize this was his passion 1:00:42 – Qualifying his passion 1:01:52 – Favorite thing about working with entrepreneurs 102:48 – Honing your craft 1:04:33 – Making yourself a good mentor 1:05:56 – Kindest thing anyone has done for him   Learn More For more episodes go to  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at Follow Patrick on twitter at @patrick_oshag  
More Episodes
My guest this week is Daniel Ek, the founder and CEO of Spotify. In my conversations with Daniel, I’ve found him to be one of the most interesting and thoughtful business leaders in the world. You’ll see what I mean as you listen to our conversation. We talk about Spotify plenty, but what I so...
Published 11/12/19
My guest this week is George Rzepecki, the found and managing partner Raba, an Africa focused investment firm. George is making investments across Africa in early-stage companies. Africa represents a fascinating opportunity: a huge and diverse population and enormous room for per capita GDP...
Published 11/05/19
My guest today is Chad Cascarilla, the CEO and co-founder of Paxos, which describes itself as a financial technology company “mobilizing assets at the speed of the internet.“ Thanks to more than 20 years of investing and financial services experience, Chad has a unique perspective on integrating...
Published 10/29/19