The Minutes of Bill Gurley on moats https://minutesof.com/bill-gurley/on/moats/ Everything Bill Gurley has said on moats: 4 verbatim quotes between June 2011 and March 2026, each with a timestamp and a link to the recording it came… en Sun, 30 Aug 2026 16:22:03 +0000 Gurley argues Sam Altman's Washington access is valuable as regulation could reinforce OpenAI's competitive lo https://minutesof.com/q/47b39a4c-1e89-481a-8489-4d372d16ccee/ https://minutesof.com/q/47b39a4c-1e89-481a-8489-4d372d16ccee/ “He seems to have remarkable touch in Washington and access, which, you know, regulation appears to be coming at us fast and furious.” — BG2 Pod Wed, 25 Sep 2024 16:21:38 +0000 moats And it turns out the majority of people don't know how, including really large companies like Apple and Google https://minutesof.com/q/8935308d-6f2c-488f-b180-c89c9db67f49/ https://minutesof.com/q/8935308d-6f2c-488f-b180-c89c9db67f49/ “And it turns out the majority of people don't know how, including really large companies like Apple and Google” — TechCrunch Mon, 29 Apr 2013 15:27:35 +0000 moats Gurley distinguishes between companies that buy traffic through marketing versus those with organic customer a https://minutesof.com/q/f8cc7cc3-b22e-41dd-b39d-38c99d6d7e62/ https://minutesof.com/q/f8cc7cc3-b22e-41dd-b39d-38c99d6d7e62/ “Any company that's spending heavily on marketing to drive people in, that's just a far different value proposition than someone who has a product that's so good that everyone comes to it.” — Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 moats Gurley argues marketing-heavy companies rent customers and should trade at lower multiples than organic-growth https://minutesof.com/q/eb0aae37-546e-401d-9f11-b639e7e6f6b6/ https://minutesof.com/q/eb0aae37-546e-401d-9f11-b639e7e6f6b6/ “I don't see any reason why a company that's heavy on marketing will get the same kind of multiple as someone with an organic customer base.” — Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 moats