https://minutesof.com/on/market-structure/ Everyone on the record about market structure: 26 verbatim quotes from 5 people, December 2012 to August 2026, in one chronology, each with a timestamp… en Sun, 30 Aug 2026 22:33:05 +0000 https://minutesof.com/q/fc3384c8-3342-4dd6-bb41-8ecbcdc41d64/ https://minutesof.com/q/fc3384c8-3342-4dd6-bb41-8ecbcdc41d64/ “Understanding this distinction is critical because it suggests that the dollar's weakness stemmed largely from the mechanics of how hedging flows transmit through the FX market, rather than from a sudden shift in asset allocation.” — John Williams, NY Fed speeches market structure https://minutesof.com/q/8d85289f-7e00-4e54-beda-ee4feba059a3/ https://minutesof.com/q/8d85289f-7e00-4e54-beda-ee4feba059a3/ “A mere four years later, participants today discussed a wider range of use cases and showed that institutional adoption is accelerating.” — John Williams, NY Fed speeches market structure https://minutesof.com/q/b801a46e-382d-40a8-a445-1e6c412c6c48/ https://minutesof.com/q/b801a46e-382d-40a8-a445-1e6c412c6c48/ “Digital ledger technology is advancing, allowing financial assets—both money and securities—to be converted into digital tokens such as stablecoins, which are now being used in markets and not just tested in experiments.” — John Williams, NY Fed speeches market structure https://minutesof.com/q/9b733324-6a8d-4297-8289-670e5c101e59/ https://minutesof.com/q/9b733324-6a8d-4297-8289-670e5c101e59/ “So there's four companies that matter at scale. There's Amazon with their tradiums. There's Google with their TPUs. There's AMD, and then there's NVIDIA who's, like, much bigger than everybody else combined.” — Gavin Baker, Invest Like the Best Tue, 04 Aug 2026 08:00:00 +0000 market structure https://minutesof.com/q/713544d7-5fd8-47e8-a9b2-9bd80b763737/ https://minutesof.com/q/713544d7-5fd8-47e8-a9b2-9bd80b763737/ “Let's just think about the game theory of breaking an LTA. So there's four companies that matter at scale. There's Amazon with their tradiums.” — Gavin Baker, Invest Like the Best Tue, 04 Aug 2026 08:00:00 +0000 market structure https://minutesof.com/q/13751053-beb7-4144-a15d-59da5014150c/ https://minutesof.com/q/13751053-beb7-4144-a15d-59da5014150c/ “I'm told that there are roughly 700 direct lending managers. So the the the And the availability of that $1,700,000,000,000 put a lot of people into business and made a lot of people extremely successful along with a very favorable economy and with low or generally low or generally declining interest rates, which are salutary.” — Howard Marks, Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 market structure https://minutesof.com/q/45df6cd7-2b91-47a1-b42b-4a8f390d67c8/ https://minutesof.com/q/45df6cd7-2b91-47a1-b42b-4a8f390d67c8/ “The vast majority of the private market is investment grade. There's a $40,000,000,000,000 market, and 99% of the headlines are focused on a little slice of a trillion and 0.5 called levered lending.” — Marc Rowan, Bloomberg Podcasts Tue, 03 Mar 2026 16:46:49 +0000 market structure https://minutesof.com/q/803966fe-41dd-4bd0-b690-1b8da3d43d6c/ https://minutesof.com/q/803966fe-41dd-4bd0-b690-1b8da3d43d6c/ “And by the way, that's how every bond is priced. And that's by the way, how all the initial coin offerings work in the crypto world. It's just what you would do.” — Bill Gurley, Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 market structure https://minutesof.com/q/98bb7ed5-e319-49d0-8616-723e71624c85/ https://minutesof.com/q/98bb7ed5-e319-49d0-8616-723e71624c85/ “So if you ask any first year comp sci student and first year finance student to write a model of how an IPO should work, you would allow everyone to bid and you would award the shares to the highest bidder. It's just not like, it's not, it should just be tautological.” — Bill Gurley, Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 market structure https://minutesof.com/q/9cbe416c-1b8f-4281-89e2-021924353f1d/ https://minutesof.com/q/9cbe416c-1b8f-4281-89e2-021924353f1d/ “Most active managers have failed to beat the index 90% of the time for twenty years. I don't think it's a result of lack of effort or intelligence.” — Marc Rowan, Marsh Fri, 06 Feb 2026 21:54:43 +0000 market structure https://minutesof.com/q/421d2739-ec5c-4d24-9b12-6f645516c4c0/ https://minutesof.com/q/421d2739-ec5c-4d24-9b12-6f645516c4c0/ “Forty years ago, private was three products, Private equity, venture capital, and hedge funds. All can be good investments, but all have risk. And public were 8,000 public companies, diversified portfolios of stocks and bonds.” — Marc Rowan, Barron's Thu, 22 May 2025 16:38:39 +0000 market structure https://minutesof.com/q/b7c859f0-eb1a-4678-a3f5-303b09d57b31/ https://minutesof.com/q/b7c859f0-eb1a-4678-a3f5-303b09d57b31/ “Eighteen months from now, I do not believe investors will actually know the difference between investment grade public and investment grade private.” — Marc Rowan, Bloomberg Television Wed, 02 Oct 2024 13:14:05 +0000 market structure https://minutesof.com/q/0ff7ae99-25d5-47ce-a5ba-6e5d046f2772/ https://minutesof.com/q/0ff7ae99-25d5-47ce-a5ba-6e5d046f2772/ “We now have 4,000 public companies. People think most of the action is in public markets. 80% of companies over 100,000,000 of revenue and 80% of employment is in private companies.” — Marc Rowan, Yahoo Finance Mon, 06 May 2024 16:23:24 +0000 market structure https://minutesof.com/q/ad449d14-354d-4c35-b46f-4f51e67d068f/ https://minutesof.com/q/ad449d14-354d-4c35-b46f-4f51e67d068f/ “Here are people who have spent their whole lives becoming good investors, and they as an industry have failed to beat the market 93% of the time for twenty years.” — Marc Rowan, Yahoo Finance Mon, 06 May 2024 16:23:24 +0000 market structure https://minutesof.com/q/f75bb273-65b5-4aec-b915-c3fb1cdb951a/ https://minutesof.com/q/f75bb273-65b5-4aec-b915-c3fb1cdb951a/ “I found some data which we can put up, like the vast majority of IPOs are being underwritten by like four or five firms.” — Bill Gurley, BG2 Pod Thu, 18 Apr 2024 17:23:12 +0000 market structure https://minutesof.com/q/c8e873ed-bc45-45e1-8513-18dc9b4a80b3/ https://minutesof.com/q/c8e873ed-bc45-45e1-8513-18dc9b4a80b3/ “So you have low barriers to entry but you have very high barriers to exit” — Bill Gurley, All-In Podcast Mon, 23 May 2022 05:10:20 +0000 market structure https://minutesof.com/q/ba3df185-1c63-4fa5-a233-ef1939e3a9e2/ https://minutesof.com/q/ba3df185-1c63-4fa5-a233-ef1939e3a9e2/ “So you have low barriers to entry, but you have very high barriers to exit. And so felt that it was just systematically set up to rise and crash, rise and crash.” — Bill Gurley, All-In Podcast Mon, 23 May 2022 04:51:01 +0000 market structure https://minutesof.com/q/3549271c-1596-4977-9bc1-2e02b8c580d3/ https://minutesof.com/q/3549271c-1596-4977-9bc1-2e02b8c580d3/ “Let's step back and look at the last fifteen years of semis. The industry has completely consolidated to where you almost have these monopolies and almost monopolies or duopolies.” — Gavin Baker, Invest Like the Best Tue, 25 Jan 2022 09:00:00 +0000 market structure https://minutesof.com/q/c2967fbd-cb02-456e-bea0-92d6953a8d71/ https://minutesof.com/q/c2967fbd-cb02-456e-bea0-92d6953a8d71/ “This thing called hybrid, which is $30,000,000,000 is actually really interesting because it is neither yield nor opportunistic. It is never going be the highest rate of return.” — Marc Rowan, Bloomberg Live Thu, 15 Jul 2021 20:01:59 +0000 market structure https://minutesof.com/q/d15038f8-7f3d-4e58-ac1d-2d07eb3acf43/ https://minutesof.com/q/d15038f8-7f3d-4e58-ac1d-2d07eb3acf43/ “I think one of the big reasons the SPAC market opened up was because the underpricing was getting worse and worse and worse.” — Bill Gurley, CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 market structure https://minutesof.com/q/3d0bd98a-e157-4e98-86d7-f1e81f698814/ https://minutesof.com/q/3d0bd98a-e157-4e98-86d7-f1e81f698814/ “In in in 2018, it was 6,000,000,000. In 2019, it was 7,000,000,000. This year, it's gonna be over $34,000,000,000 in one day giveaways.” — Bill Gurley, CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 market structure https://minutesof.com/q/792c9b17-1686-41b5-96ba-bac0fa7017ed/ https://minutesof.com/q/792c9b17-1686-41b5-96ba-bac0fa7017ed/ “And the price and allocation are determined by humans just guessing, which makes no sense whatsoever in the modern age.” — Bill Gurley, CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 market structure https://minutesof.com/q/97066165-c35e-45f0-b4eb-65d90edcb697/ https://minutesof.com/q/97066165-c35e-45f0-b4eb-65d90edcb697/ “Valuation spreads within a sector between individual stocks are at all time highs. It was a 4.5 standard deviation relative to the norm only a few days ago.” — Gavin Baker, Invest Like the Best Thu, 02 Apr 2020 09:30:00 +0000 market structure https://minutesof.com/q/1cb9f1de-321f-4998-ac94-64968dda526f/ https://minutesof.com/q/1cb9f1de-321f-4998-ac94-64968dda526f/ “I think there that it used to be that the IPO process was about disseminating and marketing and selling far and wide, and it's become a game of just hand allocating shares to the same 10 or 15 firms.” — Bill Gurley, CNBC Television Wed, 02 Oct 2019 17:35:22 +0000 market structure https://minutesof.com/q/6f68a77b-5988-4d2a-baba-a56d8b6821b8/ https://minutesof.com/q/6f68a77b-5988-4d2a-baba-a56d8b6821b8/ “And interestingly, they're not, you know, least with Wintel, you had Microsoft, Intel and Dell and Compaq all fairly aligned to the same initiative.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 18:06:49 +0000 market structure https://minutesof.com/q/177345e7-9b27-441c-8b45-c7d617df7a7e/ https://minutesof.com/q/177345e7-9b27-441c-8b45-c7d617df7a7e/ “When I got into venture, every startup presentation ended with what are you going to do when Microsoft does this? Right.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 18:06:49 +0000 market structure