Brought to you by Protekt's REST sleep supplement, Athletic Greens's AG1 all-in-one nutritional supplement, and Shopify global commerce platform providing tools to start, grow, market, and manage a retail business. Bill Gurley (@bgurley) has spent more than 20 years as a general partner at Benchmark. Before entering the venture capital business, Bill spent four years on Wall Street as a top-ranked research analyst, including three years at Credit Suisse First Boston.Bill also maintains a blog on the evolution and economics of high technology businesses called Above the Crowd.Over his venture career, he has worked with such companies as GrubHub, Nextdoor, OpenTable, Stitch Fix, Uber, and Zillow. Bill has a BS in computer science from the University of Florida and an MBA from the University of Texas. He is also a chartered financial analyst. Bill is a board trustee at the Santa Fe Institute, a research and education center focused on the study and understanding of complex adaptive systems.Please enjoy!*This episode is brought to you by Shopify! Shopify is one of my favorite platforms and one of my favorite companies. Shopify is designed for anyone to sell anywhere, giving entrepreneurs the resources once reserved for big business. In no time flat, you can have a great-looking online store that brings your ideas to life, and you can have the tools to manage your day-to-day and drive sales. No coding or design experience required.Go to shopify.com/tim to sign up for a one dollar per month trial period. It’s a great deal for a great service, so I encourage you to check it out. Take your business to the next level today by visiting shopify.com/tim.*This episode is also brought to you by Protekt’s REST supplement! Protekt's REST is a new take on getting deeper, more restorative sleep. Protekt's REST supplement helps provide consistent, restful sleep without any habit-forming ingredients or groggy side effects. Simply add it to your last glass of water before bed, and it goes to work.REST has no added sugars, artificial sweeteners, or artificial ingredients. Protekt is veteran-owned, and they make all of their products right here in the USA. Protekt is offering you 30% off both flavors of their REST formula! Visit Protekt.com/Tim to claim this special offer today and use code TIM at checkout.*This episode is also brought to you by Athletic Greens. I get asked all the time, “If you could use only one supplement, what would it be?” My answer is usually AG1 by Athletic Greens, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. Right now, Athletic Greens is offering you their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit AthleticGreens.com/Tim to claim this special offer today and receive the free Vitamin D Liquid Formula (and five free travel packs) with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.*[05:51] The book Bill calls "the most efficient short-form MBA one can find."[07:31] Sell-side analysts vs. buy-side analysts.[09:45] Financial models, rules of thumb, and making (sometimes wrong) decisions.[17:28] Howard Marks and Stan Druckenmiller.[19:26] Micro vs. macro investing.[20:40] Institutional Investor's All-America Research Team.[24:16] Expanding distribution.[27:04] Return On Invested Capital (ROIC).[33:10] Repurposing good ideas for alternative applications.[37:01] The conviction of network effects.[38:58] SaaS and open source.[42:40] Bet sizing.[44:04] Equal partnership over hierarchy.[50:08] Lessons learned from partners.[52:57] Recommended resources.[58:46] Problems open source can solve.[1:09:28] Building a better network with the interest graph.[1:13:42] Dissecting Bill's Twitter thread about risks and sudden valuation resets.[1:23:50] The Metaverse.[1:29:00] Revenue and earnings quality matter.[1:31:02] Undervalued competitive advantages.[1:35:02] Jeff Bezos: corporate mad scientist?[1:40:42] The counterintuitive condemnation of company camaraderie.[1:45:37] Tobi Lütke.[1:48:51] Books Bill has gifted frequently.[1:52:29] The Santa Fe Institute.[1:54:35] Bill's board.[1:56:32] Cultivating anti-tribalism.[1:58:13] Twitter: what is it good for?[2:01:14] Newsletters and other resources Bill relies on.[2:03:05] Bill's book in progress.[2:04:12] Regulatory capture.[2:09:10] Predicting what America will look like in 10-20 years.[2:10:50] Parting thoughts.*For show notes and past guests on The Tim Ferriss Show, please visit tim.blog/podcast.For deals from sponsors of The Tim Ferriss Show, please visit tim.blog/podcast-sponsorsSign up for Tim’s email newsletter (5-Bullet Friday) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissYouTube: youtube.com/timferrissFacebook: facebook.com/timferriss LinkedIn: linkedin.com/in/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, Margaret Atwood, Mark Zuckerberg, Peter Thiel, Dr. Gabor Maté, Anne Lamott, Sarah Silverman, Dr. Andrew Huberman, and many more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Bill Gurley and Michael Mauboussin discuss increasing returns, regulatory capture, AI, and hardware in a wide-ranging conversation. They explore open source innovation, venture capital challenges, and the impact of regulatory red tape. The conversation also touches on collaborating with geniuses and the value of teaching for personal growth.

Brought to you by Eight Sleep’s Pod Cover sleeping solution for dynamic cooling and heating, Secureframe automated security and privacy compliance platform, and AG1 all-in-one nutritional supplement. Welcome to another episode of The Tim Ferriss Show, where it is usually my job to deconstruct world-class performers to tease out the routines, habits, et cetera that you can apply to your own lives. This is a special episode and a turning of the tables. This time, legendary investor Bill Gurley interviews me, and the recording is from earlier this year at SXSW in Austin, TX. The conversation explores some of my lessons learned and favorite findings over the last two decades in areas like entrepreneurship, tech, and podcasting. I throw in some favorite books and other spice to keep things interesting.Bill Gurley (@bgurley) has spent more than 20 years as a general partner at Benchmark. Before entering the venture-capital business, Bill spent four years on Wall Street as a top-ranked research analyst, including three years at Credit Suisse First Boston. Over his venture career, he has worked with such companies as GrubHub, Nextdoor, OpenTable, Stitch Fix, Uber, and Zillow.For more takeaways from his incredible investing career, you can find my interview with Bill at tim.blog/billgurley. As a side note, my 2007 SXSW speech that I mention in the interview is what started it all, in many senses. It’s what put my first book, The 4-Hour Workweek, on the radar of influential bloggers and bigger media outlets, ultimately landing it on The New York Times Best Sellers list, where it stayed, more or less, for the next seven years. It’s been a wild ride. You can hear that 2007 presentation at tim.blog/sxsw.One last thing: Hugh Forrest, if you’re listening, thank you again for giving me a shot way back in the day! Please enjoy! *This episode is brought to you by Secureframe! Secureframe’s industry-leading compliance automation platform, paired with their in-house compliance experts and former auditors, helps you get audit-ready in weeks, not months, so you can close more deals faster. Secureframe simplifies and streamlines the process of getting and staying compliant to the most rigorous global privacy and security standards. They help thousands of businesses achieve compliance with security and privacy frameworks including SOC 2, ISO 27001, HIPAA, PCI, and GDPR. Schedule a demo today at Secureframe.com, and tell them during the demo that Tim Ferriss sent you to unlock 10% off for your first year.*This episode is also brought to you by AG1! I get asked all the time, “If you could use only one supplement, what would it be?” My answer is usually AG1, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG1 further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. Right now, you’ll get their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit DrinkAG1.com/Tim to claim this special offer today and receive the free Vitamin D Liquid Formula (and 5 free AG1 travel packs) with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.*This episode is also brought to you by Eight Sleep! Eight Sleep’s Pod Cover is the easiest and fastest way to sleep at the perfect temperature. It pairs dynamic cooling and heating with biometric tracking to offer the most advanced (and user-friendly) solution on the market. Simply add the Pod Cover to your current mattress and start sleeping as cool as 55°F or as hot as 110°F. It also splits your bed in half, so your partner can choose a totally different temperature.Go to EightSleep.com/Tim and save $250 on the Eight Sleep Pod Cover. Eight Sleep currently ships within the USA, Canada, the UK, select countries in the EU, and Australia.*[06:32] From Princeton to podcasting.[07:39] How a disenchanted entrepreneur became a reluctant author.[14:22] Angel investing and The 4-Hour Body.[16:40] Investing rulesets and takeaways.[19:09] How a choice location maximizes serendipity.[20:42] Why did I back away from angel investing?[22:28] Entering the blogosphere.[27:02] Why podcasting?[28:33] Early and enduring lessons for improving the craft.[31:37] What makes a successful podcaster?[34:57] The power of direct communication with one's audience.[38:48] Leveraging a lean infrastructure.[40:34] Helpful steps for effective interview prep.[45:08] Respected podcasting peers.[48:00] Spotify's foray into podcasting territory.[50:09] Twitter and LinkedIn.[53:15] Books most gifted.[55:31] Most positively effective purchase of $100 or less.[55:30] Favorite failure.[57:50] Billboard.[58:49] Best investment ever made.[59:30] Most life-improving new belief, behavior, or habit.*For show notes and past guests on The Tim Ferriss Show, please visit tim.blog/podcast.For deals from sponsors of The Tim Ferriss Show, please visit tim.blog/podcast-sponsorsSign up for Tim’s email newsletter (5-Bullet Friday) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissYouTube: youtube.com/timferrissFacebook: facebook.com/timferriss LinkedIn: linkedin.com/in/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, Margaret Atwood, Mark Zuckerberg, Peter Thiel, Dr. Gabor Maté, Anne Lamott, Sarah Silverman, Dr. Andrew Huberman, and many more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Bill Gurley and Brad Gerstner join the hosts to discuss topics like the state of Series A funding, misconceptions about VC dry powder, the opening of the IPO window, managing distributions in venture cycles, and the impact of global warming. They also touch on the economy, inflation, and the success of the podcast.

Discussions cover stock compensation, AI Cold War between Google & Apple, TikTok US situation, Microsoft's Inflection acquisition, and VC valuations for LLM models. Insightful conversations on tech, investing, and markets with Brad Gerstner, Bill Gurley, and Bob Mylod.

Tech investor Bill Gurley and Altimeter Capital CEO Brad Gerstner discuss Coatue Conference, Tesla vote controversy, AI trends, OpenAI IPO, Delaware court case, and globalization in a captivating conversation on all things tech and investing.

Venture capitalist Bill Gurley and investor Brad Gerstner discuss the surge in AI investments, the challenges in AI companies, public software valuations, the future of tech investing, startup challenges, the current economic situation, open vs closed economies, and the impact of free market capitalism on human prosperity.

Tech investor Bill Gurley and Altimeter Capital CEO Brad Gerstner discuss the Pre-IPO market, AI's future potential, the state of software, excess capital impact, AI spending effects on investments, and public market opportunities. Insightful dive into tech, markets, and investing.

This episode is brought to you by 5-Bullet Friday, my very own email newsletter.Welcome to another episode of The Tim Ferriss Show, where it is my job to deconstruct world-class performers to tease out the routines, habits, et cetera that you can apply to your own life. This is a special inbetweenisode, which serves as a recap of the episodes from last month. It features a short clip from each conversation in one place so you can easily jump around to get a feel for the episode and guest.Based on your feedback, this format has been tweaked and improved since the first recap episode. For instance, @hypersundays on Twitter suggested that the bios for each guest can slow the momentum, so we moved all the bios to the end. See it as a teaser. Something to whet your appetite. If you like what you hear, you can of course find the full episodes at tim.blog/podcast. Please enjoy! *This episode is brought to you by 5-Bullet Friday, my very own email newsletter that every Friday features five bullet points highlighting cool things I’ve found that week, including apps, books, documentaries, gadgets, albums, articles, TV shows, new hacks or tricks, and—of course—all sorts of weird stuff I’ve dug up from around the world.It’s free, it’s always going to be free, and you can subscribe now at tim.blog/friday.*Timestamps: James Clear: 00:03:05Rick Rubin: 00:08:08Dr. Matthew Walker: 00:13:47Bill Gurley: 00:31:05Wade Davis: 00:36:36Full episode titles:James Clear, Atomic Habits — Simple Strategies for Building (and Breaking) Habits, Questions for Personal Mastery and Growth, Tactics for Writing and Launching a Mega-Bestseller, Finding Leverage, and More (#648)Rick Rubin, Legendary Producer — Timeless Methods for Unlocking Creativity, Secrets Hidden in Plain Sight, The Future with AI, Helpful Distractions, Working with Strong Personalities, Breaking Out of “The Sameness,” and More (#649)Dr. Matthew Walker, All Things Sleep — How to Improve Sleep, How Sleep Ties Into Alzheimer’s Disease and Weight Gain, and How Medications (Ambien, Trazodone, etc.), Caffeine, THC/CBD, Psychedelics, Exercise, Smart Drugs, Fasting, and More Affect Sleep (#650)Legendary Investor Bill Gurley on Investing Rules, Finding Outliers, Insights from Jeff Bezos and Howard Marks, Must-Read Books, Creating True Competitive Advantages, Open-Source Strategies, Adapting Mental Models to New Realities, and More (#651)Famed Explorer Wade Davis — How to Become the Architect of Your Life, The Divine Leaf of Immortality, Rites of Passage, Voodoo Demystified, Optimism as the Purpose of Life, How to Be a Prolific Writer, Psychedelics, Monetizing the Creativity of Your Life, and More (#652)*For show notes and past guests on The Tim Ferriss Show, please visit tim.blog/podcast.For deals from sponsors of The Tim Ferriss Show, please visit tim.blog/podcast-sponsorsSign up for Tim’s email newsletter (5-Bullet Friday) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissYouTube: youtube.com/timferrissFacebook: facebook.com/timferriss LinkedIn: linkedin.com/in/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, Margaret Atwood, Mark Zuckerberg, Peter Thiel, Dr. Gabor Maté, Anne Lamott, Sarah Silverman, Dr. Andrew Huberman, and many more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Bill Gurley, a tech and market volatility expert, and Brad Gerstner, a savvy investor with a tech focus, tackle pressing financial themes. They delve into the current public market reset and the implications of high valuations. AI stock fluctuations and the potential for a bubble in the tech sector ignite discussion. The conversation shifts to Google's recent legal challenges regarding its search engine monopoly. They also explore the evolving AI landscape and the need for regulatory clarity in this rapidly advancing field.