Invest Like the Best with Patrick O'Shaughnessy
Bill Gurley & Michael Mauboussin - Putting Theory into Practice - [Invest Like the Best, EP.370]
Apr 23, 2024
Bill Gurley, a General Partner at Benchmark with a tech investing background, teams up with Michael Mauboussin, Head of Consilient Research at Counterpoint Global, to explore fundamental investment topics. They delve into the implications of AI and regulatory capture, discussing innovations that disrupt or sustain markets. Their conversation covers venture capital dynamics amid major tech layoffs and highlights the need for a balanced investment mindset. They also reflect on the influence of intellectual giants and the transformative power of teaching and writing.
01:32:27
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Quick takeaways
- Venture capital industry challenges include high competition and cyclicality impacting returns.
- Regulatory capture hampers innovation by favoring incumbents and distorting outcomes.
Deep dives
Venture Capital Landscape Analysis
The venture capital market, although fueling innovation, faces challenges like high competition, low barriers to entry, and high barriers to exit. With massive sums raised and lengthy fund life cycles, cyclicality in the industry impacts returns. Moreover, the shrinking public company count raises concerns about investors missing out on opportunities, leading to potential regulatory interventions that may not effectively address the underlying issues.
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