The Minutes of Bill Gurley on investment cycles https://minutesof.com/bill-gurley/on/investment-cycles/ Everything Bill Gurley has said on investment cycles: 6 verbatim quotes from May 2022, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:22:01 +0000 you have low barriers to entry but you have very high barriers to exit and so he felt that it was just systema https://minutesof.com/q/916fdadc-85ca-4d7c-9c01-f05fb354f0c6/ https://minutesof.com/q/916fdadc-85ca-4d7c-9c01-f05fb354f0c6/ “you have low barriers to entry but you have very high barriers to exit and so he felt that it was just systematically set up to rise and crash, rise and crash.” — All-In Podcast Mon, 23 May 2022 05:10:20 +0000 investment cycles Gurley says venture cycles are sawtooth-shaped, not sine curves, with slow reflexive risk-on periods. https://minutesof.com/q/2c364756-6613-45a6-9d33-0cc579573d1f/ https://minutesof.com/q/2c364756-6613-45a6-9d33-0cc579573d1f/ “Risk on is a very slow process and it's reflexive so it grows and grows and grows and grows” — All-In Podcast Mon, 23 May 2022 05:10:20 +0000 investment cycles Gurley describes risk-on as slow and reflexive while risk-off happens abruptly, not like a sine curve. https://minutesof.com/q/195df41e-5c24-4b0e-83ba-95f4fea63635/ https://minutesof.com/q/195df41e-5c24-4b0e-83ba-95f4fea63635/ “Risk on is a very slow process and it's reflexive so it grows and grows and grows and grows And then risk off tends to be very abrupt” — All-In Podcast Mon, 23 May 2022 05:10:20 +0000 investment cycles Gurley dates the current risk-on cycle from 2009 to five months before this event. https://minutesof.com/q/f7c261ad-e621-4977-b7af-0e1a63e138f4/ https://minutesof.com/q/f7c261ad-e621-4977-b7af-0e1a63e138f4/ “And then risk off tends to be very abrupt and we've seen that here, This cycle risk on was from 'nine to five months ago.” — All-In Podcast Mon, 23 May 2022 05:10:20 +0000 investment cycles Gurley found that venture capital returns are heavily dependent on performance during the hottest part of cycl https://minutesof.com/q/f4b8422e-b5ab-4f54-b76f-4f5b03caeb54/ https://minutesof.com/q/f4b8422e-b5ab-4f54-b76f-4f5b03caeb54/ “the IRR numbers and the ROI numbers on the venture capital category were heavily dependent on performance in the hottest part of the cycle” — All-In Podcast Mon, 23 May 2022 05:10:20 +0000 investment cycles Gurley says post-correction windows are the calmest periods with least anxiety in his three-decade career. https://minutesof.com/q/e93af461-4e49-42e6-8231-0844aafe4b3c/ https://minutesof.com/q/e93af461-4e49-42e6-8231-0844aafe4b3c/ “By the way, I found, and I shared this with my partners the other day, I found through my career, which wasn't four decades, okay.” — All-In Podcast Mon, 23 May 2022 05:10:20 +0000 investment cycles