The Minutes of Bill Gurley on down rounds https://minutesof.com/bill-gurley/on/down-rounds/ Everything Bill Gurley has said on down rounds: 2 verbatim quotes between March 2020 and July 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:22:10 +0000 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 down rounds Gurley explains that IPOs unlock down-round complexity by converting all preferred shares to common stock. https://minutesof.com/q/ceeb44b0-aeb1-48b3-ba3b-8b3fb37f4081/ https://minutesof.com/q/ceeb44b0-aeb1-48b3-ba3b-8b3fb37f4081/ “And one of the things that the IPO does is unlocks all of that complexity and converts everyone to common.” — Invest Like the Best Fri, 13 Mar 2020 09:30:00 +0000 down rounds