The Minutes of Bill Gurley on cost of capital https://minutesof.com/bill-gurley/on/cost-of-capital/ Everything Bill Gurley has said on cost of capital: 5 verbatim quotes between September 2021 and June 2025, each with a timestamp and a link to the… en Sun, 30 Aug 2026 16:22:02 +0000 Gurley cites research showing IPO underpricing plus fees creates 33% cost of capital. https://minutesof.com/q/e3a13ed2-090a-4a54-898c-8085c3384944/ https://minutesof.com/q/e3a13ed2-090a-4a54-898c-8085c3384944/ “I had my friend Jay Ritter rerun the data. Is there up 25, 26% underpricing? You add in the 7% fee and you're like a 33% cost of capital.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 cost of capital Gurley cites data showing IPO underpricing plus fees creates a 33% cost of capital for going public. https://minutesof.com/q/5ab8ce92-74cf-4b5c-bfee-66913e77d5c0/ https://minutesof.com/q/5ab8ce92-74cf-4b5c-bfee-66913e77d5c0/ “Jay Ritter rerun the data. Is there up 25, 26% underpricing? You add in the 7% fee and you're like a 33% cost of capital.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 cost of capital Gurley calculates that average IPO underpricing of 50% plus 7% fees equals a 57% cost of capital. https://minutesof.com/q/4c235011-66fc-469c-85a4-927566a6d454/ https://minutesof.com/q/4c235011-66fc-469c-85a4-927566a6d454/ “So last year in 2020, the average IPO was underpriced by 50%. If you add in a 7% fee on the investment bank, that's a 57% cost of capital.” — CNBC Television Tue, 28 Sep 2021 12:18:07 +0000 cost of capital Gurley calculates 2020 average IPO had 57% cost of capital from 50% underpricing plus 7% bank fee. https://minutesof.com/q/539a38f3-e766-4f36-978a-3331b91ceb23/ https://minutesof.com/q/539a38f3-e766-4f36-978a-3331b91ceb23/ “last year in 2020, the average IPO was underpriced by 50%. If you add in a 7% fee on the investment bank, that's a 57% cost of capital.” — CNBC Television Tue, 28 Sep 2021 12:18:07 +0000 cost of capital Gurley challenges anyone to find a finance professor who would justify a 57% cost of capital. https://minutesof.com/q/38c7a84f-d991-45c8-a2a3-dc1c45d4cbcd/ https://minutesof.com/q/38c7a84f-d991-45c8-a2a3-dc1c45d4cbcd/ “Find me any professor, any finance professor. We're a company that's got the possibility of going public, so it's highly legitimate.” — CNBC Television Tue, 28 Sep 2021 12:18:07 +0000 cost of capital