The Minutes of Bill Gurley on strategy https://minutesof.com/bill-gurley/on/strategy/ Everything Bill Gurley has said on strategy: 3 verbatim quotes between October 2010 and May 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:22:00 +0000 Gurley coined the phrase that protecting against downside requires enjoying every bit of upside in venture cyc https://minutesof.com/q/931bfc23-4b12-4917-8ca7-cf1944131d96/ https://minutesof.com/q/931bfc23-4b12-4917-8ca7-cf1944131d96/ “that's where we came up with this phrase that the best way to protect yourself against the downside is to enjoy every last bit of the upside.” — All-In Podcast Mon, 23 May 2022 05:10:20 +0000 strategy Gurley explains Benchmark isn't judged on IRR and would pass on 20% IRR deals due to board seat limits. https://minutesof.com/q/eaf3533c-a506-49d8-93bb-eb229aba5452/ https://minutesof.com/q/eaf3533c-a506-49d8-93bb-eb229aba5452/ “You know, we're luckily in a business where we're not judged on IRR per se.” — GigaOm Tue, 11 Dec 2012 17:49:11 +0000 strategy Gurley says Benchmark turns down twenty percent IRR opportunities because LPs invest for beta and home runs, n https://minutesof.com/q/69fad620-90e5-4b10-8957-a17c4519d1da/ https://minutesof.com/q/69fad620-90e5-4b10-8957-a17c4519d1da/ “Like if there's an opportunity where we can make a 20% IRR someone might go, oh you should do every one of those, but we're limited by the number of board seats we can take and our LPs are investing in us to get beta and so they want the home runs” — GigaOm Tue, 11 Dec 2012 17:49:11 +0000 strategy