capital allocation: everyone on the record — The Minutes https://minutesof.com/on/capital-allocation/ Everyone on the record about capital allocation: 18 verbatim quotes from 4 people, July 2019 to May 2026, in one chronology, each with a timestamp and a… en Sun, 30 Aug 2026 22:32:50 +0000 David Friedberg: Friedberg states Koch reinvests 90% of profits in new businesses and growth as part of its op https://minutesof.com/q/b897b9f1-6d6e-404d-b320-8174bc390a72/ https://minutesof.com/q/b897b9f1-6d6e-404d-b320-8174bc390a72/ “Very unique operating model, which we'll get into today, including principles around disruptive innovation of the business, reinvesting 90% of profits in new businesses and growth, meritocratic values.” — David Friedberg, All-In Podcast Tue, 12 May 2026 21:17:30 +0000 capital allocation Marc Rowan: Rowan grades the U.S. economy an A for capital allocation but a C for understanding trade's impact https://minutesof.com/q/40630ba3-f27d-45e4-afd8-25725b8823ce/ https://minutesof.com/q/40630ba3-f27d-45e4-afd8-25725b8823ce/ “give us an a as an economy for allocation of capital and construction of assets, and give us a c for understanding trade and its impact on labor.” — Marc Rowan, CNBC Television Wed, 09 Apr 2025 13:27:57 +0000 capital allocation Bill Gurley: Gurley says late-stage investors force-feed capital to companies based on power law beliefs in un https://minutesof.com/q/38b4e4d8-6263-482d-b43d-4956e85b0217/ https://minutesof.com/q/38b4e4d8-6263-482d-b43d-4956e85b0217/ “It's it's it's just worse as it's ever been, where because you have these monolithic late stage players who believe in power laws, believe in network effects,” — Bill Gurley, McCombs School of Business Fri, 24 Jan 2025 00:57:51 +0000 capital allocation Bill Gurley: Gurley argues excess capital distorts company behavior and makes it difficult to stay efficient w https://minutesof.com/q/3f55a815-cb79-4050-aa00-57bc41b27b0e/ https://minutesof.com/q/3f55a815-cb79-4050-aa00-57bc41b27b0e/ “It's not impossible, but it's very difficult to stay fit and efficient when you have a buffet of all options sitting in front of you and you can fund all of them.” — Bill Gurley, Bg2 Pod Mon, 10 Jun 2024 14:22:07 +0000 capital allocation Bill Gurley: Gurley says excess capital prevented winner-take-most dynamics from developing profitably until c https://minutesof.com/q/26a2f882-5241-4350-9fb4-50905c5b0327/ https://minutesof.com/q/26a2f882-5241-4350-9fb4-50905c5b0327/ “it slowed down and prevented the natural order of things. The 8020, the winner take most from developing in a profitable way.” — Bill Gurley, Bg2 Pod Mon, 10 Jun 2024 14:22:07 +0000 capital allocation Brad Gerstner: Gerstner argues excess capital distorts company behavior and makes it difficult to stay efficie https://minutesof.com/q/f99072f3-6a6d-4f86-9471-605a490a434e/ https://minutesof.com/q/f99072f3-6a6d-4f86-9471-605a490a434e/ “It's not impossible, but it's very difficult to stay fit and efficient when you have a buffet of all options sitting in front of you and you can fund all of them.” — Brad Gerstner, BG2 Pod Mon, 10 Jun 2024 13:40:00 +0000 capital allocation Bill Gurley: Gurley notes four non-Microsoft coding copilot companies raised over $200M each despite being onl https://minutesof.com/q/f18ae4cd-864c-4bf0-b328-98090bea616e/ https://minutesof.com/q/f18ae4cd-864c-4bf0-b328-98090bea616e/ “There are four companies in the coding co pilot space that are not named Microsoft that have raised over $200,000,000 each. And we're just these companies are all of a year and a half old.” — Bill Gurley, BG2 Pod Mon, 10 Jun 2024 13:40:00 +0000 capital allocation Bill Gurley: Gurley calls foundational model companies' hundred-million-dollar annual burn rates poor capital https://minutesof.com/q/e98656f5-e49e-4765-ad64-d71113e105f4/ https://minutesof.com/q/e98656f5-e49e-4765-ad64-d71113e105f4/ “200,000,000 a year? There's no way that's high quality capital allocation from my point of view. There's no chance. But maybe they don't have the alternative.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 capital allocation Bill Gurley: Gurley argues foundational AI model companies burning $100-200M annually represents poor capital https://minutesof.com/q/682c9fbf-482e-4076-926a-e1e64b4e24c5/ https://minutesof.com/q/682c9fbf-482e-4076-926a-e1e64b4e24c5/ “100,000,000 a year? 200,000,000 a year? There's no way that's high quality capital allocation from my point of view. There's no chance. But maybe they don't have the alternative.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 capital allocation Bill Gurley: Gurley says foundational model companies burning $100-200M yearly cannot possibly represent high https://minutesof.com/q/0c0919e4-1f85-43b9-a386-96bb682fb306/ https://minutesof.com/q/0c0919e4-1f85-43b9-a386-96bb682fb306/ “100,000,000 a year? 200,000,000 a year? There's no way that's high quality capital allocation from my point of view.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 capital allocation David Friedberg: Friedberg argues too much capital flows into small software projects seeking quick 10x return https://minutesof.com/q/ea561478-6a02-48cf-8c17-f81cbfd21ef4/ https://minutesof.com/q/ea561478-6a02-48cf-8c17-f81cbfd21ef4/ “And you could probably make 50,000,000 in return. That's a nice little 10 bagger. Great. Let's do that. And then let's plow a trillion dollars into that concept.” — David Friedberg, How I Invest Podcast Tue, 09 Jan 2024 04:38:21 +0000 capital allocation David Friedberg: Friedberg argues private enterprises can allocate capital faster and smarter than government https://minutesof.com/q/07cf202b-b827-4f01-95b8-b8dbc9706b30/ https://minutesof.com/q/07cf202b-b827-4f01-95b8-b8dbc9706b30/ “I think it's about, you know, we we can aggregate more money through a central source, some federal grants or or what have you.” — David Friedberg, Dr Brian Keating Thu, 09 Feb 2023 18:00:09 +0000 capital allocation Marc Rowan: Rowan forecasts Apollo's hybrid business will grow from $30 billion to $75-90 billion in five year https://minutesof.com/q/80d58b08-9dd7-440f-85ef-3fbbb1fda241/ https://minutesof.com/q/80d58b08-9dd7-440f-85ef-3fbbb1fda241/ “That's a $30,000,000,000 business. I think that business will be two and a half to three times its size in the next five years.” — Marc Rowan, Bloomberg Live Thu, 15 Jul 2021 15:56:20 +0000 capital allocation Bill Gurley: Gurley argues that funding businesses because capital is cheap is equivalent to funding low-retur https://minutesof.com/q/fdfccf6b-0c20-47c3-9a39-376d35f04df9/ https://minutesof.com/q/fdfccf6b-0c20-47c3-9a39-376d35f04df9/ “The exact flip way of saying that is, I'm excited about funding low return businesses and I'm gonna go do it.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 capital allocation Bill Gurley: Gurley mocked a VC who said cheap capital enables going after new industries, calling it flawed l https://minutesof.com/q/a299e771-4e48-439c-818d-165c43fe935b/ https://minutesof.com/q/a299e771-4e48-439c-818d-165c43fe935b/ “I overheard a VC on a panel say that now that capital's become so cheap, we as venture capitalists get to go after all these new industries. And it really made me chuckle.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 capital allocation Bill Gurley: Gurley argues that VCs using cheap capital to enter new industries are actually funding low-retur https://minutesof.com/q/348a68f1-9d14-4cb1-a949-1312117e8e38/ https://minutesof.com/q/348a68f1-9d14-4cb1-a949-1312117e8e38/ “I overheard a VC on a panel say that now that capital's become so cheap, we as venture capitalists get to go after all these new industries.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 capital allocation Bill Gurley: Gurley criticizes VCs who think cheap capital enables them to pursue low-return businesses in new https://minutesof.com/q/91a7bb16-6d51-4980-8548-69b7ced6e390/ https://minutesof.com/q/91a7bb16-6d51-4980-8548-69b7ced6e390/ “But I overheard a VC on a panel say that now that capital's become so cheap, we as venture capitalists get to go after all these new industries.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 capital allocation Bill Gurley: Yeah, the flow of cash and the competition and how that money is being used. https://minutesof.com/q/63af2351-00a9-43a5-9a0f-9d2578277d46/ https://minutesof.com/q/63af2351-00a9-43a5-9a0f-9d2578277d46/ “Yeah, the flow of cash and the competition and how that money is being used.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 capital allocation