Gurley urges entrepreneurs to ask what it means to be greedy when everyone else is fearful.
“I think it was Graham and Dodd before Buffett that said, be fearful when others are greedy and greedy when others are fearful.”
Gurley advises against small layoffs of five or ten percent because they cause cultural pain without meaningful financial gain.
“One piece of advice though is never do a five or 10% layoff because it doesn't create any meaningful gain, yet you go through all the excruciating cultural pain.”
Gurley's learned habit is waiting rather than reacting, citing Silicon Valley Bank crisis as example where panic was unnecessary.
“For me, I've learned that if you just wait a little bit of time, a lot of problems go away.”