The Minutes of Bill Gurley on term sheets https://minutesof.com/bill-gurley/on/term-sheets/ Everything Bill Gurley has said on term sheets: 1 verbatim quote between August 2023 and November 2024, each with a timestamp and a link to the recording… en Sun, 30 Aug 2026 16:22:13 +0000 Gurley explains compounding IPO ratchets create misalignment by making late investors want lower IPO prices. https://minutesof.com/q/91e56e39-ac9e-412e-bcd7-0dbc639baef0/ https://minutesof.com/q/91e56e39-ac9e-412e-bcd7-0dbc639baef0/ “The the later stage investors that wrote this compounding ratchet term actually want the IPO to be as low as possible because they'll they'll get more shares.” — BG2 Pod Wed, 27 Nov 2024 19:11:58 +0000 term sheets