
The Learning Corner by Precursor Episode #37: Bill Gurley's Market Realities, Geo- Arbitrage Investing, The Acquihire Wave
Jun 20, 2025
19:58
This week on The Learning Corner by Precursor:
Reflections from Invest Like the Best’s episode featuring Bill Gurley. From zombie unicorns to misaligned fund incentives, Gurley addresses the long arc of staying private and the system-wide pressures created by illiquidity, consensus strategies, and overcapitalization.
We dig into Alex Lazarow’s post on how Chime borrowed elements from international fintech giants like Nubank and Toss and what it means to apply lessons from one market to another. What makes geo-arbitrage work, and why hasn’t live commerce, which has seen major success in China, taken off in the U.S.?
Finally, we dive into Tomasz Tunguz’s prediction that acquihires are poised for a resurgence. With seed deal volume spiking post-2021 but Series A slots staying flat, we explore how structural pressure is creating an environment ripe for sub-$20M talent buys, especially in AI.
Invest Like the Best with Patrick O'Shaughnessy feat. Bill Gurley Alex Lazarow, 99%Tech What The World Taught Me About Chime Tomasz Tunguz, Theory Ventures The Coming Wave of Acquihires
(0:00) Introduction to the episode and topic of starting companies outside the current trend (0:49) Discussion on Bill Gurley's insights and the state of venture capital (2:10) Investing challenges in high valuation startups (4:10) AI's influence on startup investments (6:18) Attention dynamics for non-AI startups (7:14) Venture capital supply, demand, and future returns (10:20) Alex Lazaro's insights on Chime and geo arbitrage (13:17) Building consumer solutions and Precursor Ventures portfolio examples (15:31) Seed boom, acquihires, and managing non-graduating companies (18:02) Fair pricing and the role of acquihires in venture capital (19:42) Closing remarks