The Minutes of Bill Gurley on cap tables https://minutesof.com/bill-gurley/on/cap-tables/ Everything Bill Gurley has said on cap tables: 7 verbatim quotes between March 2020 and July 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:22:00 +0000 Gurley explains private cap tables are structured to only go up, unlike public stocks. https://minutesof.com/q/0a06511c-242c-42de-b348-ed2d247f9a88/ https://minutesof.com/q/0a06511c-242c-42de-b348-ed2d247f9a88/ “private one last thing. Yeah. Sorry. Private cap tables are not structured very well to go down.” — Forbes Mon, 13 Jul 2026 11:00:14 +0000 cap tables Gurley explains private cap tables are structurally built to only go up unlike public stocks. https://minutesof.com/q/4c728910-d595-46c5-9294-db3275d4810a/ https://minutesof.com/q/4c728910-d595-46c5-9294-db3275d4810a/ “Private cap tables are not structured very well to go down. It would take forever to explain exactly why that is with lick preference stacks and whatnot and ratchets, but they're built to kind of only go up and public companies stocks can go up and down.” — Forbes Mon, 13 Jul 2026 11:00:14 +0000 cap tables Gurley explains stacked liquidation preferences on cap tables make navigating acute valuation corrections very https://minutesof.com/q/47b38120-190c-467c-b869-6eb62b0e8844/ https://minutesof.com/q/47b38120-190c-467c-b869-6eb62b0e8844/ “it's very difficult because these private company capitalization charts have stacks and stacks of liquidation preference, and it's when you have that acute of a correction, it's very hard to make this transition.” — CNBC Television Mon, 11 Sep 2023 16:11:42 +0000 cap tables Gurley explains stacks of liquidation preferences make transitions very hard during acute market corrections. https://minutesof.com/q/29702fdd-0208-4747-97f2-21f72e22ede1/ https://minutesof.com/q/29702fdd-0208-4747-97f2-21f72e22ede1/ “these private company capitalization charts have stacks and stacks of liquidation preference, and it's when you have that acute of a correction, it's very hard to make this transition.” — CNBC Television Mon, 11 Sep 2023 16:11:42 +0000 cap tables Gurley says complex cap tables with multiple constituencies cause investors to opt out of unicorn financings e https://minutesof.com/q/44254464-6e1a-4628-9973-ec438e34d826/ https://minutesof.com/q/44254464-6e1a-4628-9973-ec438e34d826/ “a lot of people just say they opt out and say no this is too hard, I'm not going to go in there and negotiate with five different constituencies on how to do this.” — All-In Podcast Fri, 11 Aug 2023 06:23:00 +0000 cap tables Gurley calls the stay-private-longer strategy a fraud because private company cap tables are designed only to https://minutesof.com/q/0a98d7db-dda9-4e01-b8ac-91a07bbe11ff/ https://minutesof.com/q/0a98d7db-dda9-4e01-b8ac-91a07bbe11ff/ “It's times like this where that strategy, I think, gets exposed as the fraud that it was precisely because private company capitalization charts don't go down very well. They're designed to really only go up.” — Invest Like the Best Fri, 13 Mar 2020 09:30:00 +0000 cap tables Gurley argues that surviving downturns is easier as a public company because IPOs convert complex structures t https://minutesof.com/q/c4f4e35d-94da-41c5-8a0d-6b660bd883fa/ https://minutesof.com/q/c4f4e35d-94da-41c5-8a0d-6b660bd883fa/ “And it turns out that surviving down periods is a lot easier as a public company than a private company because you've converted all that away.” — Invest Like the Best Fri, 13 Mar 2020 09:30:00 +0000 cap tables