The Minutes of Bill Gurley on market structure https://minutesof.com/bill-gurley/on/market-structure/ Everything Bill Gurley has said on market structure: 7 verbatim quotes between December 2012 and February 2026, each with a timestamp and a link to the… en Sun, 30 Aug 2026 16:21:59 +0000 Gurley argues IPOs should match supply and demand through bidding, calling current handpicked pricing process https://minutesof.com/q/98bb7ed5-e319-49d0-8616-723e71624c85/ https://minutesof.com/q/98bb7ed5-e319-49d0-8616-723e71624c85/ “So if you ask any first year comp sci student and first year finance student to write a model of how an IPO should work, you would allow everyone to bid and you would award the shares to the highest bidder. It's just not like, it's not, it should just be tautological.” — Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 market structure So you have low barriers to entry but you have very high barriers to exit https://minutesof.com/q/c8e873ed-bc45-45e1-8513-18dc9b4a80b3/ https://minutesof.com/q/c8e873ed-bc45-45e1-8513-18dc9b4a80b3/ “So you have low barriers to entry but you have very high barriers to exit” — All-In Podcast Mon, 23 May 2022 05:10:20 +0000 market structure So you have low barriers to entry, but you have very high barriers to exit. And so felt that it was just syste https://minutesof.com/q/ba3df185-1c63-4fa5-a233-ef1939e3a9e2/ https://minutesof.com/q/ba3df185-1c63-4fa5-a233-ef1939e3a9e2/ “So you have low barriers to entry, but you have very high barriers to exit. And so felt that it was just systematically set up to rise and crash, rise and crash.” — All-In Podcast Mon, 23 May 2022 04:51:01 +0000 market structure Gurley argues IPO pricing relies on human guessing rather than modern market mechanisms. https://minutesof.com/q/792c9b17-1686-41b5-96ba-bac0fa7017ed/ https://minutesof.com/q/792c9b17-1686-41b5-96ba-bac0fa7017ed/ “And the price and allocation are determined by humans just guessing, which makes no sense whatsoever in the modern age.” — CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 market structure Gurley cites IPO underpricing totaling $6B in 2018, $7B in 2019, and over $34B this year. https://minutesof.com/q/3d0bd98a-e157-4e98-86d7-f1e81f698814/ https://minutesof.com/q/3d0bd98a-e157-4e98-86d7-f1e81f698814/ “In in in 2018, it was 6,000,000,000. In 2019, it was 7,000,000,000. This year, it's gonna be over $34,000,000,000 in one day giveaways.” — CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 market structure Gurley argues SPAC market emerged because traditional IPO underpricing was worsening. https://minutesof.com/q/d15038f8-7f3d-4e58-ac1d-2d07eb3acf43/ https://minutesof.com/q/d15038f8-7f3d-4e58-ac1d-2d07eb3acf43/ “I think one of the big reasons the SPAC market opened up was because the underpricing was getting worse and worse and worse.” — CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 market structure Gurley contrasts past Microsoft dominance with today's five to seven competing monoliths creating more startup https://minutesof.com/q/177345e7-9b27-441c-8b45-c7d617df7a7e/ https://minutesof.com/q/177345e7-9b27-441c-8b45-c7d617df7a7e/ “When I got into venture, every startup presentation ended with what are you going to do when Microsoft does this? Right.” — GigaOm Tue, 11 Dec 2012 18:06:49 +0000 market structure