The Minutes of Bill Gurley on efficiency https://minutesof.com/bill-gurley/on/efficiency/ Everything Bill Gurley has said on efficiency: 3 verbatim quotes between March 2015 and October 2019, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:22:06 +0000 Gurley argues direct listings remove steps since IPOs use equivalent opening process the next day anyway. https://minutesof.com/q/60f954ef-334b-4a4d-8f62-31d8c40f2cf5/ https://minutesof.com/q/60f954ef-334b-4a4d-8f62-31d8c40f2cf5/ “And so in the direct listing process, you're actually removing steps because once you do an IPO, you actually do with the exact equivalent of direct listing opening the next morning.” — CNBC Television Wed, 02 Oct 2019 17:35:22 +0000 efficiency Gurley contrasts U.S. healthcare spending at 17% of GDP with Singapore's 1.7%, a 10x difference. https://minutesof.com/q/d6af8d12-4327-4afd-ad5a-b8f5c49d08f9/ https://minutesof.com/q/d6af8d12-4327-4afd-ad5a-b8f5c49d08f9/ “The U. S. Spends 17% of GDP on healthcare and Singapore spends 1.7. So, it's a 10x delta and they have relatively reputable healthcare system.” — SXSW Fri, 20 Mar 2015 17:13:49 +0000 efficiency Gurley cites Morgan Stanley finding that cars are 97% idle despite representing 15% of global capital expendit https://minutesof.com/q/027bc066-8eb8-4fc2-8e03-5a6ed7b98924/ https://minutesof.com/q/027bc066-8eb8-4fc2-8e03-5a6ed7b98924/ “There's an interesting thing that Morgan Stanley put out where they calculate that 97% of cars are idle.” — SXSW Fri, 20 Mar 2015 17:13:49 +0000 efficiency