Who is on this subjectordered by the date of their first quote here
3 of 4 lanes rest on fewer than 5 quotes and are marked thin. Offsets are days from the middle first-quote date, 18 Apr 2024 — a date, and nothing else. It is not a claim about who reached a view first.
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Bill Gurley
5
15 Feb 2018 – 12 Feb 2026
-2254 d
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Brad Gerstner
1
thin
18 Apr 2024 – 18 Apr 2024
+0 d
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Marc Rowan
1
thin
3 Sep 2025 – 3 Sep 2025
+503 d
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David Friedberg
1
thin
21 Dec 2025 – 21 Dec 2025
+612 d
The chronologysourced and dated, oldest first
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Bill Gurley
Gurley cites Druckenmiller's analogy that low interest rates drive unlimited speculation with other people's money.
“Drucker Miller just, you know, who's someone that's made a name in macro investing says, if you give, you know, Texas oilman the ability to drill holes with someone else's money, they'll drill as many as you possibly can.”
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Bill Gurley
Gurley states 2020 average IPO was underpriced by 50 percent, a massive cost of capital.
“In 2020, the average IPO was underpriced by 50%. You go to any finance school, they tell you you should care about the cost of capital. They teach you about weighted average cost of capital.”
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Brad Gerstner
Gerstner identifies deep private capital from sovereign wealth funds as structural change preventing companies from going public unlike past decades.
“And if you look at the private market alternatives for them for capital, we didn't have sovereign wealth funds that were writing multi billion dollar checks at that point in time.”
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“The Middle East, the sovereign wealth funds in Singapore and and Nordics and, you know, Canadian pension fund and all these folks.”
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Bill Gurley
Gurley estimates zombie unicorns have collectively raised $300 billion in capital.
“Yeah. Seems like they've raised somewhere between 2 and 300,000,000 each. And so you roll all that up, it's 300,000,000,000.”
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Marc Rowan
Rowan says private market capital enables companies to invest long-term without quarterly pressure or accessing public markets.
“I think what we're seeing is the availability of capital in private markets is allowing companies to do a series of things, to invest for the long term, not to be driven by quarterly earnings, and to obtain massive amounts of debt and equity to finance their business plan without accessing public markets.”
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David Friedberg
Friedberg reports that 4,000 family offices have been opened in Singapore in the last ten years, likely an underestimate.
“4,000 family offices have been opened in the last ten years or so in Singapore. Underestimate, probably. Yes.”
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Bill Gurley
Gurley says unprecedented capital at every AI project creates uncharted competitive territory.
“now we're in a weird world where the amount of money that gets thrown at every project, I kind of lived through this with Uber Lyft because both companies had billions and billions of dollars”
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