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

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“The minute you set a really onerous 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 getting 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 research and understanding of complicated adaptive techniques.

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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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Wish 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 by which we mentioned navigating unprecedented uncertainties, crowded versus uncrowded alternatives, the state of the American financial system, discovering higher-signal sources of data, and far 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.



  • Join with Invoice Gurley:

Twitter | LinkedIn


Editor’s notice: timestamps will likely be added shortly.

  • The e-book Invoice calls “essentially the most environment friendly short-form MBA one can discover.”
  • Promote-side analysts vs. buy-side analysts.
  • Monetary fashions, guidelines of thumb, and making (generally flawed) choices.
  • Howard Marks and Stan Druckenmiller.
  • Micro vs. macro investing.
  • Institutional Investor’s All-America Analysis Crew.
  • Increasing distribution.
  • Return On Invested Capital (ROIC).
  • Repurposing good concepts for various purposes.
  • The conviction of community results.
  • SaaS and open supply.
  • Wager sizing.
  • Equal partnership over hierarchy.
  • Classes realized from companions.
  • Advisable sources.
  • Issues open supply can remedy.
  • 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 sources Invoice depends on.
  • Invoice’s e-book in progress.
  • Regulatory seize.
  • Predicting what America will appear to be in 10-20 years.
  • Parting ideas.


“The minute you set a really onerous 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 via which you truly put the phrases to paper and construction the paragraphs, construction the argument, you get smarter. Generally you resolve, ‘Oops, I used to be flawed.’ You study by placing all of it collectively.”

— Invoice Gurley

“Should 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 means higher at complicated issues than easy issues.”

— Invoice Gurley

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

— Invoice Gurley

“Be much less tribal.”

— Invoice Gurley


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