https://minutesof.com/on/investing/ Everyone on the record about investing: 33 verbatim quotes from 5 people, July 2019 to June 2026, in one chronology, each with a timestamp and a link to… en Sun, 30 Aug 2026 22:33:02 +0000 https://minutesof.com/q/ce980c44-4ec9-49a7-8998-2e7e212a19d3/ https://minutesof.com/q/ce980c44-4ec9-49a7-8998-2e7e212a19d3/ “You apply the right financial structure, which also which often means leverage, you add value intrinsically to the operation, and you see it go to a premium valuation relative to what you pay.” — Howard Marks, Barron's Fri, 12 Jun 2026 17:53:42 +0000 investing https://minutesof.com/q/efb878ef-34a1-4337-b1ae-2fb1f4a951ba/ https://minutesof.com/q/efb878ef-34a1-4337-b1ae-2fb1f4a951ba/ “This is the hardest thing I think I've ever seen in the investment world because of this enormous degree of uncertainty.” — Howard Marks, Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 investing https://minutesof.com/q/f6c24726-1992-4b0d-a107-884385704465/ https://minutesof.com/q/f6c24726-1992-4b0d-a107-884385704465/ “I mean, Uber was burning 2,000,000,000 a year and Dara had 10,000,000,000 in free cash flow last year. Being able to make that shift, it's gonna require an innate understanding of your true unit economics.” — Bill Gurley, MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 investing https://minutesof.com/q/bb27b2e4-358f-4d96-bd9f-4161b22aa2cd/ https://minutesof.com/q/bb27b2e4-358f-4d96-bd9f-4161b22aa2cd/ “Once again, because of this asymmetric outcome thing, live in fear of missing this one or two deals a year. There's like, how could you possibly minimize the chance of not finding that?” — Bill Gurley, MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 investing https://minutesof.com/q/c5317496-b8eb-4ba0-99d5-946284636787/ https://minutesof.com/q/c5317496-b8eb-4ba0-99d5-946284636787/ “He said, I wanna believe this person's gonna go do this, come hell or high water, whether I get involved or not, nothing's gonna stop him. And that's the trade he's looking for.” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 investing https://minutesof.com/q/ca3a2602-6846-4e3b-bc4e-2abd25f17632/ https://minutesof.com/q/ca3a2602-6846-4e3b-bc4e-2abd25f17632/ “venture capital is a game where you have to one of the reasons, group decision making works so well is you're you're gonna have to break one of your rules or you're gonna say no to everything.” — Bill Gurley, Afford Anything Podcast Fri, 13 Mar 2026 19:00:04 +0000 investing https://minutesof.com/q/3e460770-4958-4a5f-8d92-fd49cdb4a8b4/ https://minutesof.com/q/3e460770-4958-4a5f-8d92-fd49cdb4a8b4/ “It was trading at six times earnings. Their laptop had caught on fire, and they had this option hedging strategy gone awry Uh-huh.” — Bill Gurley, Bill Gurley Fri, 06 Mar 2026 02:57:59 +0000 investing https://minutesof.com/q/f2d02a58-afd8-4623-bd75-15ed6a3f8a86/ https://minutesof.com/q/f2d02a58-afd8-4623-bd75-15ed6a3f8a86/ “And we've seen incredible businesses be built by great founders who have pivoted a 180 degrees from the original idea.” — Bill Gurley, BigDeal by Codie Sanchez Wed, 04 Mar 2026 15:00:36 +0000 investing https://minutesof.com/q/10df2b7e-f9fd-41d2-8226-4072329498b9/ https://minutesof.com/q/10df2b7e-f9fd-41d2-8226-4072329498b9/ “I only look for one thing. I want to know that this person's gonna go do this thing come hell or high water, whether I invest or not.” — Bill Gurley, Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 investing https://minutesof.com/q/bd5b05d6-34a6-4b5a-b236-2f88b007c06d/ https://minutesof.com/q/bd5b05d6-34a6-4b5a-b236-2f88b007c06d/ “And that's not to say there won't be an incremental AI investment that makes money, I think there will. But your odds right now of that being the case are really, really low.” — Bill Gurley, Tim Ferriss Wed, 17 Dec 2025 16:45:52 +0000 investing https://minutesof.com/q/8098374f-a069-46ed-b9d9-79587b3d1a41/ https://minutesof.com/q/8098374f-a069-46ed-b9d9-79587b3d1a41/ “But that doesn't mean that ag tech isn't innovating, and that we aren't improving productivity and bringing value to farmers and improving the quality of our food systems.” — David Friedberg, The Modern Acre Thu, 11 Sep 2025 16:54:41 +0000 investing https://minutesof.com/q/68aa6b5a-58c2-4867-9bbb-c7129564c547/ https://minutesof.com/q/68aa6b5a-58c2-4867-9bbb-c7129564c547/ “You know, you get to keep your sales cycle going all the time. In ag tech, you have seasonal cycles that you're kind of stuck to.” — David Friedberg, The Modern Acre Thu, 11 Sep 2025 16:22:17 +0000 investing https://minutesof.com/q/8ccd51b2-9965-4de1-897c-9527f78beb48/ https://minutesof.com/q/8ccd51b2-9965-4de1-897c-9527f78beb48/ “But that doesn't mean that ag tech isn't innovating and that we aren't improving productivity and bringing value to farmers and improving the quality of our food systems.” — David Friedberg, The Modern Acre Thu, 11 Sep 2025 16:22:17 +0000 investing https://minutesof.com/q/2fa1a55a-6d2f-4f09-b7ed-0addc1932d35/ https://minutesof.com/q/2fa1a55a-6d2f-4f09-b7ed-0addc1932d35/ “What do I do as an investor? You know, what did I do in the fall of twenty two that led me into NVIDIA in the first place?” — Brad Gerstner, BG2 Pod Wed, 05 Feb 2025 23:13:28 +0000 investing https://minutesof.com/q/d497c52b-1752-4e58-8b3a-1c22a6659054/ https://minutesof.com/q/d497c52b-1752-4e58-8b3a-1c22a6659054/ “And so you develop this anti small business mindset, which keeps you out of HubSpot and Shopify and Twilio. Then miss massive amounts.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 investing https://minutesof.com/q/060ae2c0-40b0-4edf-ba65-806ffed62d77/ https://minutesof.com/q/060ae2c0-40b0-4edf-ba65-806ffed62d77/ “It's arguable there are levels of increasing returns. Like, you could come up with some kind of scale or index because some of them are more linear and some of them can go exponential.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 investing https://minutesof.com/q/90a4e6b7-ccbe-458d-a2b7-6dc68fe1759a/ https://minutesof.com/q/90a4e6b7-ccbe-458d-a2b7-6dc68fe1759a/ “One thing that we have done and I've encouraged LPs like endowments to think about is we used to have these two buckets. Right? Venture and public when I talk to technology investors.” — Brad Gerstner, BG2 Pod Thu, 18 Apr 2024 17:23:12 +0000 investing https://minutesof.com/q/1ca388e2-ebae-4d03-9017-44ca1f0f0ccf/ https://minutesof.com/q/1ca388e2-ebae-4d03-9017-44ca1f0f0ccf/ “Today to me, you know, we've passed on 75 AI businesses over the course of the last twelve months that we've looked at, not because we don't think those are good founders or maybe even good business models,” — Brad Gerstner, FII Institute Thu, 26 Oct 2023 02:01:13 +0000 investing https://minutesof.com/q/7e4d8b5f-4b70-4806-b8eb-aff80239e7d4/ https://minutesof.com/q/7e4d8b5f-4b70-4806-b8eb-aff80239e7d4/ “I think there's plenty of time. If this is going to be as big and as transformational as humanity as we all think it will be, remember, you didn't have to invest in search until Google's IPO in 2004 to capture 95% of all ever generated by Internet search.” — Brad Gerstner, FII Institute Thu, 26 Oct 2023 02:01:13 +0000 investing https://minutesof.com/q/26d4b192-2680-4555-b3e8-a4c01d36376d/ https://minutesof.com/q/26d4b192-2680-4555-b3e8-a4c01d36376d/ “Wall Street's on my side on this one. I think if they shut down the VR effort, not only will the profitability would soar because they're spending real money, like 5 to 10,000,000,000 a” — Bill Gurley, Tim Ferriss Thu, 26 Jan 2023 19:45:00 +0000 investing https://minutesof.com/q/5834e02b-5116-49b3-8aec-6e2d797860c7/ https://minutesof.com/q/5834e02b-5116-49b3-8aec-6e2d797860c7/ “Like, night and day, like, 20 to one. Wasn't even close. And in fact, it was so ridiculous.” — Bill Gurley, Tim Ferriss Thu, 26 Jan 2023 19:45:00 +0000 investing https://minutesof.com/q/19c858a7-a0ae-45ba-85d9-70a9ca6dba21/ https://minutesof.com/q/19c858a7-a0ae-45ba-85d9-70a9ca6dba21/ “It turned out just by happenstance that Dell stood out like a sore thumb with ridiculously high ROIC numbers versus the rest of the industry. Like, night and day, like, 20 to one.” — Bill Gurley, Tim Ferriss Thu, 26 Jan 2023 19:45:00 +0000 investing https://minutesof.com/q/7d12c629-8bb6-490c-8c87-22199fbb5e85/ https://minutesof.com/q/7d12c629-8bb6-490c-8c87-22199fbb5e85/ “And Yes. I think I think all investors have to work within that framework because things change.” — Bill Gurley, Tim Ferriss Thu, 26 Jan 2023 19:45:00 +0000 investing https://minutesof.com/q/a10494fc-232e-4bc1-836c-00bedb6f1417/ https://minutesof.com/q/a10494fc-232e-4bc1-836c-00bedb6f1417/ “They're wrong more than they're right, but because they make more money when they're right, they still have a great track record.” — Gavin Baker, Invest Like the Best Tue, 25 Jan 2022 09:00:00 +0000 investing https://minutesof.com/q/58623fb7-6bac-4971-bb36-3f63845b8c13/ https://minutesof.com/q/58623fb7-6bac-4971-bb36-3f63845b8c13/ “If I could know one thing about a person to know whether or not they would be a good public equity investor, it would simply be, are you capable of being rational when you're wrong?” — Gavin Baker, Invest Like the Best Tue, 25 Jan 2022 09:00:00 +0000 investing https://minutesof.com/q/9526d122-7505-4f88-9f8d-3bab7392ac7b/ https://minutesof.com/q/9526d122-7505-4f88-9f8d-3bab7392ac7b/ “We are in chain analysis, which you referenced. And I'm swayed by the Ethereum crowd. The parties that are involved there seem to be way more pragmatic.” — Bill Gurley, Bloomberg Tech Wed, 25 Aug 2021 23:40:05 +0000 investing https://minutesof.com/q/12521fe7-c99c-4174-b90e-043c6596236a/ https://minutesof.com/q/12521fe7-c99c-4174-b90e-043c6596236a/ “The the the most asymmetric bet maybe in the history of all of investing is having a golden ticket to have access to the best technology companies in the world today.” — Brad Gerstner, All-In Podcast Sat, 17 Apr 2021 02:12:13 +0000 investing https://minutesof.com/q/67171729-19bf-44de-bfdb-5e15ebbdfa55/ https://minutesof.com/q/67171729-19bf-44de-bfdb-5e15ebbdfa55/ “I've been fucking shocked by how many people are choosing to pay a premium for vegetarian meat alternatives. I was wrong on this. I I bet against these companies eight years ago.” — David Friedberg, All-In Podcast Sat, 19 Sep 2020 04:41:45 +0000 investing https://minutesof.com/q/8e0c196b-bfc0-4efe-ad27-28128dde9827/ https://minutesof.com/q/8e0c196b-bfc0-4efe-ad27-28128dde9827/ “And I was talking of I was worried about the future of search and the future of vertical search starting in 2010,” — Brad Gerstner, Invest Like the Best Tue, 23 Jun 2020 09:30:00 +0000 investing https://minutesof.com/q/17e528fc-9a14-4b9c-acd2-5f1673f9daea/ https://minutesof.com/q/17e528fc-9a14-4b9c-acd2-5f1673f9daea/ “When we think about the future we're always paying attention you know one thing that I would say is I remind my team it's just as dangerous to be too early as it is to be too late.” — Brad Gerstner, Invest Like the Best Tue, 23 Jun 2020 09:30:00 +0000 investing https://minutesof.com/q/f11ab718-6d02-4ad9-86d3-c775177aec8e/ https://minutesof.com/q/f11ab718-6d02-4ad9-86d3-c775177aec8e/ “And as soon as I heard that, it's like, wow. It really doesn't matter. Apple went on to be seven x, 10 x, 15 x from there.” — Gavin Baker, Invest Like the Best Tue, 26 Nov 2019 10:30:00 +0000 investing 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 investing 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 investing