
“The minute you set a really laborious rule, you is perhaps setting your self up for a mistake. And enterprise, I’ve discovered, is a world the place that occurs ceaselessly.”
— 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 Avenue 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 known as Above the Crowd.
Over his enterprise profession, he has labored with such corporations as GrubHub, Nextdoor, OpenTable, Sew Repair, Uber, and Zillow.
Invoice has a BS in pc 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 schooling middle centered on the examine and understanding of advanced adaptive methods.
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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 through which we mentioned navigating unprecedented uncertainties, crowded versus uncrowded alternatives, the state of the American financial system, discovering higher-signal sources of data, and way 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 within the feedback.
SCROLL BELOW FOR LINKS AND SHOW NOTES…
SELECTED LINKS FROM THE EPISODE
- Join with Invoice Gurley:
- Above the Crowd
- Benchmark
- Aggressive Technique: Strategies for Analyzing Industries and Rivals by Michael E. Porter | Amazon
- An Interview with Enterprise Capitalist Invoice Gurley, MBA ’93 by Texas McCombs | Medium
- Purchase-Aspect vs. Promote-Aspect Analysts: What’s the Distinction? | Investopedia
- ‘Purchase!’ Was Cry, as Inventory Bubble Burst | The New York Occasions
- Institutional Investor
- One Up On Wall Avenue: How To Use What You Already Know To Make Cash In The Market by Peter Lynch | Amazon
- A Random Stroll Down Wall Avenue: The Time-Examined Technique for Profitable Investing by Burton G. Malkiel | Amazon
- I Beg to Differ by Howard Marks | Oaktree Capital
- Robust Opinions, Weakly Held: Knowledge because the Braveness to Act On Your Data and the Humility to Doubt What You Know | Psychology In the present day
- The Rational Optimist: How Prosperity Evolves by Matt Ridley | Amazon
- Oaktree Capital Administration
- Microeconomics vs. Macroeconomics Investments
- Santa Fe Institute
- The 2022 All-America Analysis Group | Institutional Investor
- The Rise, Fall, and Rebirth of Palm | Quick Firm
- The Residence for Nice Writing | Substack
- Return on Invested Capital: What Is It, System and Calculation, and Instance | Investopedia
- The Stern Stewart Institute
- Valuation: Measuring and Managing the Worth of Firms by Tim Koller, Marc Goedhart, and David Wessels | Amazon
- Suppose Twice: Harnessing the Energy of Counterintuition by Michael J. Mauboussin | Amazon
- Warren Buffett’s Shareholder Letters | Berkshire Hathaway
- Myers–Briggs Kind Indicator | Wikipedia
- Full Transcript: Benchmark Common Companion Invoice Gurley on Recode Decode | Vox
- Rising Returns and the New World of Enterprise by W. Brian Arthur | HBR
- What Are Community Results? | HBS On-line
- OpenTable By the Numbers: From Launch to $2.6 Billion | Eater
- The Rising Impression of Open Supply | Above the Crowd
- Google Redefines Disruption: The “Much less Than Free” Enterprise Mannequin | Above the Crowd
- The Innovator’s Dilemma: When New Applied sciences Trigger Nice Corporations to Fail by Clayton M. Christensen | Amazon
- Crossing the Chasm: Advertising and marketing and Promoting Disruptive Merchandise to Mainstream Prospects by Geoffrey A. Moore | Amazon
- Sheryl Sandberg: We’ve Paid Hackers Thousands and thousands to Discover Safety Bugs | Fortune MPW
- Common Magic (Documentary) | Prime Video
- Startup: A Silicon Valley Journey by Jerry Kaplan | Amazon
- Jodorowsky’s Dune | Prime Video
- Alien | Prime Video
- Aliens | Prime Video
- Tony Fadell — On Constructing the iPod, iPhone, Nest, and a Lifetime of Curiosity | The Tim Ferriss Present #403
- Construct: An Unorthodox Information to Making Issues Value Making by Tony Fadell | Amazon
- Shoe Canine: A Memoir by the Creator of Nike by Phil Knight | Amazon
- Open: An Autobiography by Andre Agassi | Amazon
- Spare by Prince Harry The Duke of Sussex | Amazon
- How Innovation Works: And Why It Thrives in Freedom by Matt Ridley | Amazon
- Can Xi Jinping Stay As much as the Legacy of China’s Best Fashionable Reformer, Deng Xiaoping? | Quartz
- How Lee Kuan Yew Engineered Singapore’s Financial Miracle | BBC Information
- We Are Keen about Making the Net a Higher Place | Automattic
- Linux
- The Cathedral & the Bazaar: Musings on Linux and Open Supply by an Unintentional Revolutionary by Eric S. Raymond | Amazon
- Historical past of the Temple | Sagrada Família
- MySQL
- The Developer Information Platform | MongoDB
- Creators of Elasticsearch & Kibana | Elastic
- Android Historical past: The Evolution of the Largest Cellular OS within the World | Android Authority
- The Open Compute Mission (OCP)
- Linux Basis Claims 5G NFV First, Primarily based on China Cellular Code | Rethink
- Amazon’s AWS Technique Turns into Clearer Each Day | Above the Crowd
- Manufacturing-Grade Container Orchestration | Kubernetes
- What’s a Container? | Docker
- OpenStreetMap
- Humanitarian OpenStreetMap Group
- Matt Ridley: When Concepts Have Intercourse | TEDGlobal 2010
- RISC-V Worldwide
- Open Supply for Autonomous Driving | The Autoware Basis
- Matt Suppes: Open Supply Nuclear Fusion | Life Convention
- Curiosity Graph | Wikipedia
- “An Whole Technology…” | Invoice Gurley, Twitter
- “Overlook These Costs Occurred.” | Invoice Gurley, Twitter
- All Income is Not Created Equal: The Keys to the 10X Income Membership | Above the Crowd
- Discounted Money Move (DCF) Defined with System and Examples | Investopedia
- R.I.P. Good Occasions | Sequoia
- GAAP vs. Non-GAAP: What’s the Distinction? | Investopedia
- Snow Crash by Neal Stephenson | Amazon
- Discover. Uncover. Create. | Second Life
- Invoice Gurley, Philip Rosedale: Again to the Future | Make investments Just like the Greatest
- The Metaverse is the Way forward for Digital Connection | Meta
- What Is LARPing? (Stay Motion Position Enjoying) | Insider
- Burning Man
- Prepared Participant One: A Novel by Ernest Cline | Amazon
- The Metaverse in 2040 | Pew Analysis Middle
- One Platform to Join | Zoom
- Microsoft to Make investments $10 Billion in OpenAI, the Creator of ChatGPT | The New York Occasions
- How India Runs on Meta’s WhatsApp Message App | Vox
- Tencent’s WeChat App Retains Rising Regardless of Beijing Crackdown | Bloomberg
- Mark Zuckerberg on Lengthy-Time period Technique, Enterprise and Parenting Ideas, Private Power Administration, Constructing the Metaverse, In search of Awe, the Position of Faith, Fixing Deep Technical Challenges (e.g., AR), and Extra | The Tim Ferriss Present #582
- The Sunk Price Fallacy | The Determination Lab
- High quality of Earnings: Definition, Evaluation, and Why It’s Essential | Investopedia
- The Information Cloud | Snowflake
- The Historical past of Uber – Uber’s Timeline | Uber Newsroom
- Uber Isn’t Value $17 Billion | FiveThirtyEight
- Easy methods to Miss By a Mile: An Various Have a look at Uber’s Potential Market Dimension | Above the Crowd
- What’s Whole Addressable Market (TAM)? | Divestopedia
- What Is eSports? A Have a look at an Explosive, Billion-Greenback Trade | CNN
- How Amazon Similar-Day Supply Works | HowStuffWorks
- Amazon CEO Jeff Bezos’ Letters to Shareholders | Peter Fisk
- Relentless.com
- The No-Stats All-Star | The New York Occasions Journal
- Shane Battier: The No-Stats All-Star | Make investments Just like the Greatest
- Jonathan Haidt — The Coddling of the American Thoughts, Easy methods to Grow to be Intellectually Antifragile, and Easy methods to Lose Anger by Learning Morality | The Tim Ferriss Present #644
- Brian Armstrong, CEO of Coinbase — The Artwork of Relentless Focus, Making ready for Full-Contact Entrepreneurship, Essential Forks within the Path, Dealing with Haters, The Knowledge of Paul Graham, Epigenetic Reprogramming, and A lot Extra | The Tim Ferriss Present #627
- Tobi Lütke — From Snowboard Store to Billion-Greenback Firm | The Tim Ferriss Present #359
- Enterprise-to-Enterprise (B2B) | Investopedia
- Complexity: The Rising Science on the Fringe of Order and Chaos by M. Mitchell Waldrop | Amazon
- Mr. China: A Memoir by Tim Clissold | Amazon
- Pink Discover: A True Story of Excessive Finance, Homicide, and One Man’s Battle for Justice by Invoice Browder | Amazon
- Vary: Why Generalists Triumph in a Specialised World by David Epstein | Amazon
- Far-Out Considering | Psychological Science
- The Sports activities Gene: Contained in the Science of Extraordinary Athletic Efficiency by David Epstein | Amazon
- Legg Mason | Wikipedia
- Occasions: The Complexity of Sustainability: Past the Energy Grid | Santa Fe Institute
- Considering, Quick and Gradual by Daniel Kahneman | Amazon
- 20 Cognitive Biases That Have an effect on Your Choices | Psychological Floss
- James Clear, Atomic Habits — Easy Methods for Constructing (and Breaking) Habits, Questions for Private Mastery and Development, Techniques for Writing and Launching a Mega-Bestseller, Discovering Leverage, and Extra | The Tim Ferriss Present #648
- Eric Newcomer | Substack
- Techmeme
- Runnin’ Down a Dream: Easy methods to Succeed and Thrive in a Profession You Love by Invoice Gurley | McCombs Faculty, College of Texas
- Regulatory Seize Definition With Examples | Investopedia
- Obama’s Shocking Reply on Which A part of Obamacare Has Disenchanted Him the Most | Vox
- Epic
- Residents United Defined | Brennan Middle for Justice
- On the spot Fee | Wikipedia
- Fed Now Service | Federal Reserve
- OpenSecrets
SHOW NOTES
Editor’s notice: timestamps can 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 (typically mistaken) 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 different purposes.
- The conviction of community results.
- SaaS and open supply.
- Guess sizing.
- Equal partnership over hierarchy.
- Classes discovered from companions.
- Really helpful 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 ceaselessly.
- 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 seem like in 10-20 years.
- Parting ideas.
MORE BILL GURLEY QUOTES FROM THE INTERVIEW
“The minute you set a really laborious rule, you is perhaps setting your self up for a mistake. And enterprise, I’ve discovered, is a world the place that occurs ceaselessly.”
— Invoice Gurley
“The method by way of which you truly put the phrases to paper and construction the paragraphs, construction the argument, you get smarter. Typically you resolve, ‘Oops, I used to be mistaken.’ You be taught by placing all of it collectively.”
— Invoice Gurley
“In case you’re beginning an organization since you assume it’s going to be a great life-style, holy shit. You’re in for a impolite awakening.”
— Invoice Gurley
“Open supply is manner higher at advanced 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
PEOPLE MENTIONED
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