https://minutesof.com/on/regulatory-capture/ Everyone on the record about regulatory capture: 188 verbatim quotes from 2 people, June 2011 to August 2026, in one chronology, each with a timestamp and… en Sun, 30 Aug 2026 22:33:11 +0000 https://minutesof.com/q/94ea1f72-a9cb-45ca-9780-517ee4f8e556/ https://minutesof.com/q/94ea1f72-a9cb-45ca-9780-517ee4f8e556/ “Dario and OpenAI, they're gonna fund the whole thing. They're gonna contribute all the compute. They're gonna be behind it. They're gonna be the ones coordinating with the government officials.” — David Sacks, All-In Podcast Mon, 24 Aug 2026 17:45:48 +0000 regulatory capture https://minutesof.com/q/ab840c35-3da3-44ce-9812-2f7411edce15/ https://minutesof.com/q/ab840c35-3da3-44ce-9812-2f7411edce15/ “Dario wants an FDA for AI, but he doesn't have enough political support for that. So instead, they do this Trojan horse of a FINRA for AI.” — David Sacks, All-In Podcast Mon, 24 Aug 2026 17:45:48 +0000 regulatory capture https://minutesof.com/q/fd06c04c-ea46-46c6-a4df-c79daeed173f/ https://minutesof.com/q/fd06c04c-ea46-46c6-a4df-c79daeed173f/ “And I'm like, what do you mean a bunch of people? I just wanted to say hello. Noah, I need you to get 15 people in the conference room.” — Bill Gurley, BlackNova Productions Tue, 04 Aug 2026 07:34:54 +0000 regulatory capture https://minutesof.com/q/26430594-fc82-4c0f-b3b2-e17a8c9a309e/ https://minutesof.com/q/26430594-fc82-4c0f-b3b2-e17a8c9a309e/ “Like, they he also lobbied heavily, but they have people on the ground in every state. They're the ones pushing for state by state regulation.” — Bill Gurley, Bill Gurley Tue, 21 Jul 2026 17:02:49 +0000 regulatory capture https://minutesof.com/q/73fe2654-4fe2-49cb-b30c-11d28124149d/ https://minutesof.com/q/73fe2654-4fe2-49cb-b30c-11d28124149d/ “I spent twenty five years in Silicon Valley, it was titled 2851. And I I used that title because I had a punch line at the end where I said the reason Silicon Valley works so well is because it's so far fucking away from Washington DC, and that was the distance in miles.” — Bill Gurley, Bill Gurley Tue, 21 Jul 2026 17:02:49 +0000 regulatory capture https://minutesof.com/q/68104e5d-22d9-4f56-ba1c-306aa556dc7a/ https://minutesof.com/q/68104e5d-22d9-4f56-ba1c-306aa556dc7a/ “And they were able to pass laws that said cities can't compete with them even though they're getting their poll rights from the the cities themselves.” — Bill Gurley, Bill Gurley Tue, 21 Jul 2026 17:02:49 +0000 regulatory capture https://minutesof.com/q/2b89babe-418a-4c96-9a45-e830ea493939/ https://minutesof.com/q/2b89babe-418a-4c96-9a45-e830ea493939/ “there are many I mean, first of all, the the the telecom space is probably equal to health care and finance in terms of regulatory capture.” — Bill Gurley, Bill Gurley Tue, 21 Jul 2026 17:02:49 +0000 regulatory capture https://minutesof.com/q/071a9fbf-9796-4a05-b974-2d0f48956429/ https://minutesof.com/q/071a9fbf-9796-4a05-b974-2d0f48956429/ “I have I have a phrase I use, regulation is the friend of the incumbent.” — Bill Gurley, Bill Gurley Tue, 21 Jul 2026 17:02:49 +0000 regulatory capture https://minutesof.com/q/5a9b4549-c4ba-4d94-a6da-a4d8391e15e0/ https://minutesof.com/q/5a9b4549-c4ba-4d94-a6da-a4d8391e15e0/ “I'd I tested doing it outside my field with a talk I gave at the all in conference on regulatory capture, which had, like, four and a half million views.” — Bill Gurley, Bill Gurley Tue, 21 Jul 2026 17:02:49 +0000 regulatory capture https://minutesof.com/q/5a9b4549-c4ba-4d94-a6da-a4d8391e15e0/ https://minutesof.com/q/5a9b4549-c4ba-4d94-a6da-a4d8391e15e0/ “I'd I tested doing it outside my field with a talk I gave at the all in conference on regulatory capture, which had, like, four and a half million views.” — Bill Gurley, Bill Gurley Tue, 21 Jul 2026 17:02:49 +0000 regulatory capture https://minutesof.com/q/2d416d69-fd6f-49d7-9093-572ae454a584/ https://minutesof.com/q/2d416d69-fd6f-49d7-9093-572ae454a584/ “You scan a QR code, like, at a you check out of a restaurant. Like, can just pay at your table. There's a QR code on the table.” — Bill Gurley, The Knowledge Project Podcast Tue, 09 Jun 2026 10:00:30 +0000 regulatory capture https://minutesof.com/q/7ccd8a14-1d4b-4a16-b032-832c7ce48006/ https://minutesof.com/q/7ccd8a14-1d4b-4a16-b032-832c7ce48006/ “In China, because they had this digital immediate transfer, Alibaba and Tencent were able to very quickly build digital wallets that people carry around.” — Bill Gurley, The Knowledge Project Podcast Tue, 09 Jun 2026 10:00:30 +0000 regulatory capture https://minutesof.com/q/4b0b9713-4889-4a2c-8e84-fca19578e257/ https://minutesof.com/q/4b0b9713-4889-4a2c-8e84-fca19578e257/ “They have like 60% operating margins and they're they're duopolies and and they were created by the banks.” — Bill Gurley, The Knowledge Project Podcast Tue, 09 Jun 2026 10:00:30 +0000 regulatory capture https://minutesof.com/q/188e41ff-4d33-458d-bf59-8b11dec600ce/ https://minutesof.com/q/188e41ff-4d33-458d-bf59-8b11dec600ce/ “If you have a Coinbase account, you can put your money in a USDC stablecoin and earn 4%. And within seconds immediately transfer money to someone else for pennies.” — Bill Gurley, The Knowledge Project Podcast Tue, 09 Jun 2026 10:00:30 +0000 regulatory capture https://minutesof.com/q/edb26cd9-48f4-49df-9eea-1eb6a0f70327/ https://minutesof.com/q/edb26cd9-48f4-49df-9eea-1eb6a0f70327/ “I think they're midwifing a deity gear. And and I don't know which one I'm more afraid of, the regulatory capture or the second theory I call the Doctor. Frankenstein theory.” — Bill Gurley, All-In Podcast Fri, 29 May 2026 22:47:49 +0000 regulatory capture https://minutesof.com/q/edb26cd9-48f4-49df-9eea-1eb6a0f70327/ https://minutesof.com/q/edb26cd9-48f4-49df-9eea-1eb6a0f70327/ “I think they're midwifing a deity gear. And and I don't know which one I'm more afraid of, the regulatory capture or the second theory I call the Doctor. Frankenstein theory.” — Bill Gurley, All-In Podcast Fri, 29 May 2026 22:47:49 +0000 regulatory capture https://minutesof.com/q/eb1791ac-c0cf-4184-a426-f4f6bc2fdcf5/ https://minutesof.com/q/eb1791ac-c0cf-4184-a426-f4f6bc2fdcf5/ “I think they're midwifing a deity gear. And and I don't know which one I'm more afraid of, the regulatory capture or the second theory I call the Doctor.” — Bill Gurley, All-In Podcast Fri, 29 May 2026 22:47:49 +0000 regulatory capture https://minutesof.com/q/eb1791ac-c0cf-4184-a426-f4f6bc2fdcf5/ https://minutesof.com/q/eb1791ac-c0cf-4184-a426-f4f6bc2fdcf5/ “I think they're midwifing a deity gear. And and I don't know which one I'm more afraid of, the regulatory capture or the second theory I call the Doctor.” — Bill Gurley, All-In Podcast Fri, 29 May 2026 22:47:49 +0000 regulatory capture https://minutesof.com/q/d8f43153-a96f-4d3e-ad13-7cdcc5788d28/ https://minutesof.com/q/d8f43153-a96f-4d3e-ad13-7cdcc5788d28/ “I've never ever seen a company that is both leading their field and the most negatively outspoken commenter on what they do. I've just never seen it.” — Bill Gurley, All-In Podcast Fri, 29 May 2026 22:47:49 +0000 regulatory capture https://minutesof.com/q/226edc58-204f-473d-b45a-0c4cc365ace5/ https://minutesof.com/q/226edc58-204f-473d-b45a-0c4cc365ace5/ “South Korea, not China, South Korea can build a nuclear fission plant for one fourth the price that we can in The US. And someone needs to be massively alarmed by that.” — Bill Gurley, MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 regulatory capture https://minutesof.com/q/aa4ed541-05b1-4955-bd33-a4233a464c32/ https://minutesof.com/q/aa4ed541-05b1-4955-bd33-a4233a464c32/ “And you'll see, there were 150 EV car companies there. So hyper competition. In fact, I could argue the model they've created has more intense competition than we have here.” — Bill Gurley, MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 regulatory capture https://minutesof.com/q/2298d6b7-6c4d-497f-a116-2fe7befb18fc/ https://minutesof.com/q/2298d6b7-6c4d-497f-a116-2fe7befb18fc/ “We only had two manufacturers, and they charged, like, $12 a test, so 10 x higher.” — Bill Gurley, Tom Bilyeu Thu, 23 Apr 2026 13:01:05 +0000 regulatory capture https://minutesof.com/q/b2a182f4-2f3f-4fdc-965f-3d07044df609/ https://minutesof.com/q/b2a182f4-2f3f-4fdc-965f-3d07044df609/ “I think the marginal cost of a PCR test was below $2, and the average price that was recompensated by the government was over $100.” — Bill Gurley, Tom Bilyeu Thu, 23 Apr 2026 13:01:05 +0000 regulatory capture https://minutesof.com/q/bd6849da-ba81-44bd-8403-379ef60f8995/ https://minutesof.com/q/bd6849da-ba81-44bd-8403-379ef60f8995/ “it costs four x, 400% more to build a a a fission nuclear plant, 70 year old technology in The US than it does in South Korea or China.” — Bill Gurley, Tom Bilyeu Thu, 23 Apr 2026 13:01:05 +0000 regulatory capture https://minutesof.com/q/54cb11fd-63e4-4494-97dd-45427d018d58/ https://minutesof.com/q/54cb11fd-63e4-4494-97dd-45427d018d58/ “Anthropic's lobbying the only company that has lobbied as much as Anthropic early in its life was was FTX and SBF. Like, they he also lobbied heavily.” — Bill Gurley, Tom Bilyeu Thu, 23 Apr 2026 13:01:05 +0000 regulatory capture https://minutesof.com/q/d2a828bb-3680-4efe-824d-e6ec0ec6359d/ https://minutesof.com/q/d2a828bb-3680-4efe-824d-e6ec0ec6359d/ “There was a gentleman who was the head of the the head of lobbying at Comcast where I think New York Times or the Post, someone did a article where they said this is the most important executive at Comcast. And he had been working for the mayor before he went into that role.” — Bill Gurley, Tom Bilyeu Thu, 23 Apr 2026 13:01:05 +0000 regulatory capture https://minutesof.com/q/5088e7fd-cd96-490d-8e28-742996e15d58/ https://minutesof.com/q/5088e7fd-cd96-490d-8e28-742996e15d58/ “I have a phrase I use, regulation is the friend of the incumbent. So they use it to actually raise prices, prevent competition, and further in ensconce themselves in the leadership role they're already in.” — Bill Gurley, Tom Bilyeu Thu, 23 Apr 2026 13:01:05 +0000 regulatory capture https://minutesof.com/q/41bdf8c3-f31e-4d2c-968c-30d9339df1ef/ https://minutesof.com/q/41bdf8c3-f31e-4d2c-968c-30d9339df1ef/ “Like like, the the the world has vilified this technology. It's amazing technology. It's clean technology. What Germany is doing is bad.” — Bill Gurley, Metis Strategy Fri, 10 Apr 2026 07:00:00 +0000 regulatory capture https://minutesof.com/q/2fe3808f-17ee-46b4-8044-80eeb30f8c2d/ https://minutesof.com/q/2fe3808f-17ee-46b4-8044-80eeb30f8c2d/ “Like like, the the the world has vilified this technology. It's amazing technology. It's clean technology.” — Bill Gurley, Metis Strategy Fri, 10 Apr 2026 07:00:00 +0000 regulatory capture https://minutesof.com/q/fefe2358-bd38-4d13-853f-87d306efe0ec/ https://minutesof.com/q/fefe2358-bd38-4d13-853f-87d306efe0ec/ “I would argue that this, I don't think you're going to get a lot of other people in Silicon Valley that would be willing to say this, but it might be indicative of market failure rather than market success.” — Bill Gurley, Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 regulatory capture https://minutesof.com/q/e9edbc38-d9be-482d-914e-0289ed176255/ https://minutesof.com/q/e9edbc38-d9be-482d-914e-0289ed176255/ “So there's these new areas there and now AI where very young companies are begging for regulation, which is not anything I've seen in my career either.” — Bill Gurley, Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 regulatory capture https://minutesof.com/q/a65b4d1c-6546-4202-aeb7-687602eee76d/ https://minutesof.com/q/a65b4d1c-6546-4202-aeb7-687602eee76d/ “That starts- Some of the founders. Yeah. And it's starting to have ramifications for the industry. A number of data center projects has been stopped.” — Bill Gurley, Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 regulatory capture https://minutesof.com/q/f239d8bf-d4d7-4bca-bf01-84e3ab1c7f2a/ https://minutesof.com/q/f239d8bf-d4d7-4bca-bf01-84e3ab1c7f2a/ “And I think you guys mentioned this, but the polling on AI fear in China is like 20% or something like that. And it's like 80 here in America.” — Bill Gurley, Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 regulatory capture https://minutesof.com/q/b7b0e59d-9163-4caa-9cd5-f7e1864e8839/ https://minutesof.com/q/b7b0e59d-9163-4caa-9cd5-f7e1864e8839/ “You shouldn't be able to move cash from your balance sheet and create revenue on your income statement. I just don't think that should be okay. But they're all doing it.” — Bill Gurley, Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 regulatory capture https://minutesof.com/q/ecc15017-3614-45f0-8c79-0aa93a8bf503/ https://minutesof.com/q/ecc15017-3614-45f0-8c79-0aa93a8bf503/ “The people leading the effort at the top companies here in The US are the biggest doomsayers. It's radical.” — Bill Gurley, Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 regulatory capture https://minutesof.com/q/8b5e4658-34d2-4329-8df4-b2a41a7dcbd1/ https://minutesof.com/q/8b5e4658-34d2-4329-8df4-b2a41a7dcbd1/ “Why? I think it's because the leaders over there that are working on these products aren't doing the doomsday stuff that Dario is doing.” — Bill Gurley, Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 regulatory capture https://minutesof.com/q/6dc3f095-6bdb-4fa0-89ad-d1424af5f9ff/ https://minutesof.com/q/6dc3f095-6bdb-4fa0-89ad-d1424af5f9ff/ “And the reason I think they want it is the biggest threat to their businesses where they're cashing in billions of dollars is the open source movement.” — Bill Gurley, Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 regulatory capture https://minutesof.com/q/0158a532-e7ce-4b2b-996d-8635aef6f23e/ https://minutesof.com/q/0158a532-e7ce-4b2b-996d-8635aef6f23e/ “And so people are putting billions of dollars in their pocket. And so there's also a huge incentive to from the two leading model providers to seek regulatory protection, which most people wouldn't think regulation is but they've been begging for regulation since they started from from three years ago.” — Bill Gurley, Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 regulatory capture https://minutesof.com/q/e4043dbe-2145-4a8c-b890-3c30405eb7b2/ https://minutesof.com/q/e4043dbe-2145-4a8c-b890-3c30405eb7b2/ “They're leading the biggest secondary transactions for their employees in the history of venture capital, the history of the world.” — Bill Gurley, Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 regulatory capture https://minutesof.com/q/ad476678-15dd-466a-be2b-1b1b02718825/ https://minutesof.com/q/ad476678-15dd-466a-be2b-1b1b02718825/ “Can also though frame Like they're also raising billions and billions of dollars for the They're leading the biggest secondary transactions for their employees in the history of venture capital, the history of the world.” — Bill Gurley, Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 regulatory capture https://minutesof.com/q/d2c0ae16-a5df-4de8-8d4c-94808e207ac5/ https://minutesof.com/q/d2c0ae16-a5df-4de8-8d4c-94808e207ac5/ “It's very common to see all three of the big banks on the cover. And so it's really become a oligopoly of sorts.” — Bill Gurley, Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 regulatory capture https://minutesof.com/q/17cf0633-abdf-43ea-97de-94b6e5dbf841/ https://minutesof.com/q/17cf0633-abdf-43ea-97de-94b6e5dbf841/ “They were dragged into direct listings. I would I would say because I spent a ton of time with them, both the Nasdaq and the NYSE were pushing to get these things across the line,” — Bill Gurley, Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 regulatory capture https://minutesof.com/q/5e367992-f39c-4964-b97f-e9bc6790e19a/ https://minutesof.com/q/5e367992-f39c-4964-b97f-e9bc6790e19a/ “Why would you have a handpicked price when we know how to match supply and demand? And then they really only offer it to their top clients, which is just nutty.” — Bill Gurley, Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 regulatory capture https://minutesof.com/q/fc370fe8-5fec-4cf4-afd1-14c8335032f9/ https://minutesof.com/q/fc370fe8-5fec-4cf4-afd1-14c8335032f9/ “It's just not like, it's not, it should just be tautological. Like I don't know why there would be any debate.” — Bill Gurley, Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 regulatory capture https://minutesof.com/q/67c8c5c8-b48a-46b3-a440-d13eba3c321e/ https://minutesof.com/q/67c8c5c8-b48a-46b3-a440-d13eba3c321e/ “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 regulatory capture 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 regulatory capture https://minutesof.com/q/ffc48012-9190-40a1-87fa-32418d245252/ https://minutesof.com/q/ffc48012-9190-40a1-87fa-32418d245252/ “I think for certain reason Anthropic and OpenAI are begging for regulation is so that they can write rules that make it harder for startups, open source models to be competitive with them, which I think is very rational for them to do, but I don't think it's good for society.” — Bill Gurley, On with Kara Swisher Thu, 26 Feb 2026 15:18:55 +0000 regulatory capture https://minutesof.com/q/7a002360-69af-41ea-857e-f3a041edf25c/ https://minutesof.com/q/7a002360-69af-41ea-857e-f3a041edf25c/ “in almost every industry in The US where there's heavy regulation, you've ended up with less diversity, fewer companies, more of a oligopoly.” — Bill Gurley, On with Kara Swisher Thu, 26 Feb 2026 15:18:55 +0000 regulatory capture https://minutesof.com/q/6803df25-a6a8-4d80-9924-ba2cd86f9707/ https://minutesof.com/q/6803df25-a6a8-4d80-9924-ba2cd86f9707/ “There's a reality where a modern venture capitalist does not wanna take a meeting in anything on AI.” — Bill Gurley, Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 regulatory capture https://minutesof.com/q/46a04a7a-587a-4f65-a58e-fd2652a0affe/ https://minutesof.com/q/46a04a7a-587a-4f65-a58e-fd2652a0affe/ “And for the past twenty five, thirty years, you have these pops that have become expected, I would say. And it's a one day giveaway to their clients.” — Bill Gurley, Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 regulatory capture https://minutesof.com/q/9a394fb2-90fc-4946-838f-d8f08883cd9f/ https://minutesof.com/q/9a394fb2-90fc-4946-838f-d8f08883cd9f/ “I think the IPO process almost certainly also because of regulatory capture is remarkably broken. I don't actually think the average citizen even knows.” — Bill Gurley, Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 regulatory capture https://minutesof.com/q/9a394fb2-90fc-4946-838f-d8f08883cd9f/ https://minutesof.com/q/9a394fb2-90fc-4946-838f-d8f08883cd9f/ “I think the IPO process almost certainly also because of regulatory capture is remarkably broken. I don't actually think the average citizen even knows.” — Bill Gurley, Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 regulatory capture https://minutesof.com/q/71229363-71be-4b54-a271-59a7ce8e8e4f/ https://minutesof.com/q/71229363-71be-4b54-a271-59a7ce8e8e4f/ “No, I think it's gotten worse over time. I made up this statement once that capitalism and democracy corrupt each other over time. Like at the starting state, everything's fine.” — Bill Gurley, Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 regulatory capture https://minutesof.com/q/8177fc33-cd61-4424-aaea-f05b0a74f87c/ https://minutesof.com/q/8177fc33-cd61-4424-aaea-f05b0a74f87c/ “Like if you're on the finance committee, you can go raise money from every bank around the country. That just doesn't seem appropriate.” — Bill Gurley, Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 regulatory capture https://minutesof.com/q/d8b087a9-0d6f-4746-bf78-1a06e70d41d4/ https://minutesof.com/q/d8b087a9-0d6f-4746-bf78-1a06e70d41d4/ “One thing that's really amazing that most Americans probably don't realize is once your senator or congressman goes on a committee, they start fundraising in other jurisdictions.” — Bill Gurley, Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 regulatory capture https://minutesof.com/q/1a0adeee-226d-4131-af88-79ef3ed9fa4e/ https://minutesof.com/q/1a0adeee-226d-4131-af88-79ef3ed9fa4e/ “Want to, and this will be part of my new thing. I want to go study countries that have less of it and try and understand the policies.” — Bill Gurley, Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 regulatory capture https://minutesof.com/q/215c21bd-994d-4541-9559-926a502c2efe/ https://minutesof.com/q/215c21bd-994d-4541-9559-926a502c2efe/ “And so companies get big, they spend money lobbying, they spend time in Washington and they get laws written to help them rather than to constrain them.” — Bill Gurley, Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 regulatory capture https://minutesof.com/q/ccc05c29-4691-41ad-8142-64dbb600f1a9/ https://minutesof.com/q/ccc05c29-4691-41ad-8142-64dbb600f1a9/ “regulation, I'd say most often ends up protecting the incumbent and the world thinks the opposite is true.” — Bill Gurley, Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 regulatory capture https://minutesof.com/q/435fcf1d-9e85-4c0e-80ef-c12c60eb6a14/ https://minutesof.com/q/435fcf1d-9e85-4c0e-80ef-c12c60eb6a14/ “And I've said it over and over again, but a freshman comp size student and a freshman finance student, if you told them to design the IPO, they would just match supply and demand anonymously.” — Bill Gurley, Tim Ferriss Wed, 17 Dec 2025 16:45:52 +0000 regulatory capture https://minutesof.com/q/9b75fa0d-8ad6-42ba-a235-20a9aafeaf1b/ https://minutesof.com/q/9b75fa0d-8ad6-42ba-a235-20a9aafeaf1b/ “The way that an IPO's price is so god awful stupid. They pick who gets the stock and they pick the price.” — Bill Gurley, Tim Ferriss Wed, 17 Dec 2025 16:45:52 +0000 regulatory capture https://minutesof.com/q/daa01882-612d-4c63-9900-20b594d64542/ https://minutesof.com/q/daa01882-612d-4c63-9900-20b594d64542/ “I mean, that's the most absurd thing I've ever heard. Undercutting Visa? Like, do do they realize they have Visa and Mastercard have, like, the top two operating incomes in the history of American business?” — Bill Gurley, Bg2 Pod Tue, 14 Oct 2025 23:56:17 +0000 regulatory capture https://minutesof.com/q/c86e5053-da08-4651-9558-767994a45a39/ https://minutesof.com/q/c86e5053-da08-4651-9558-767994a45a39/ “As part of its aggressive economic and political campaign against Brazil is investigating PICS, accusing the payment system of unfairly utter undercutting US financial and technology companies like Visa and Apple.” — Bill Gurley, Bg2 Pod Tue, 14 Oct 2025 23:56:17 +0000 regulatory capture https://minutesof.com/q/a82a4b4e-0901-42cc-a88d-691b6c510912/ https://minutesof.com/q/a82a4b4e-0901-42cc-a88d-691b6c510912/ “Your ACH takes three days to settle. Your wire costs $25 for domestic, $50 for international, and you have to fill out pages and pages exactly.” — Bill Gurley, Bg2 Pod Tue, 14 Oct 2025 23:56:17 +0000 regulatory capture https://minutesof.com/q/f7094366-3b1f-4c0d-b452-14f8bf1622ec/ https://minutesof.com/q/f7094366-3b1f-4c0d-b452-14f8bf1622ec/ “I mean, that's the most absurd thing I've ever heard. Undercutting Visa? Like, do do they realize they have Visa and Mastercard have, like, the top two operating incomes in the history of American business?” — Bill Gurley, BG2 Pod Tue, 14 Oct 2025 23:40:02 +0000 regulatory capture https://minutesof.com/q/05c37d37-9d45-4449-8606-7b6a50208eec/ https://minutesof.com/q/05c37d37-9d45-4449-8606-7b6a50208eec/ “It needs to be a public company. The idea that we're going to have trillion dollar companies and the only people who get to participate are the people sitting around this table, right?” — Bill Gurley, BG2 Pod Fri, 20 Jun 2025 00:11:39 +0000 regulatory capture https://minutesof.com/q/0915bf55-0e5e-4785-9ef6-bc14134d0999/ https://minutesof.com/q/0915bf55-0e5e-4785-9ef6-bc14134d0999/ “Meta has done this interesting structured deal, they're buying 49% of the company, they're paying a $30,000,000,000 valuation so they're paying effectively 15,000,000,000, they're avoiding regulatory scrutiny, the CEO of scale is going to help lead efforts at Meta.” — Bill Gurley, BG2 Pod Fri, 20 Jun 2025 00:11:39 +0000 regulatory capture https://minutesof.com/q/782d9571-591b-41a4-965c-b7c40c476f53/ https://minutesof.com/q/782d9571-591b-41a4-965c-b7c40c476f53/ “No one has an incentive to get the marks right. For those that don't know this world, private investing, both on the PE side and the VC side is this weird world where the GPs, the people responsible for the investments, report the price to the LPs.” — Bill Gurley, Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 regulatory capture https://minutesof.com/q/c0c62f7e-1639-49eb-a75a-2ae218af1dcd/ https://minutesof.com/q/c0c62f7e-1639-49eb-a75a-2ae218af1dcd/ “It turns out that in the 20 cases where you have this this super high multiplier, 55% of the cases are just two of the judges.” — Bill Gurley, BG2 Pod Thu, 22 May 2025 16:23:05 +0000 regulatory capture https://minutesof.com/q/ad883e0e-eb84-4197-b58a-e19cff0ac5c6/ https://minutesof.com/q/ad883e0e-eb84-4197-b58a-e19cff0ac5c6/ “in Delaware, seven times or higher is 23 times more likely than in a federal court. And 10 times or higher is 57 times or higher than in a federal court.” — Bill Gurley, BG2 Pod Thu, 22 May 2025 16:23:05 +0000 regulatory capture https://minutesof.com/q/3936ac29-a5c2-46da-a94a-7ed1ed0b2fbd/ https://minutesof.com/q/3936ac29-a5c2-46da-a94a-7ed1ed0b2fbd/ “And I will tell you after spending twenty five years in venture capital, there's just this instinctive thing.” — Bill Gurley, BG2 Pod Thu, 22 May 2025 16:23:05 +0000 regulatory capture https://minutesof.com/q/1fe9bd9a-dbc8-4271-af01-69814b89c715/ https://minutesof.com/q/1fe9bd9a-dbc8-4271-af01-69814b89c715/ “People talk about the military industrial complex. We may have created a health care industrial complex that really can't stop maximizing profitability and not focus necessarily on the lowest cost, best, most preventative process.” — Bill Gurley, Bg2 Pod Mon, 06 Jan 2025 21:47:42 +0000 regulatory capture https://minutesof.com/q/fb2c443f-71ee-45d9-beb4-be20d7f215a3/ https://minutesof.com/q/fb2c443f-71ee-45d9-beb4-be20d7f215a3/ “I would make the argument that every company in Delaware has to move to a different domicile because they could be sued in a future derivative lawsuit for the risk they've taken by staying” — Bill Gurley, Bg2 Pod Mon, 06 Jan 2025 21:47:42 +0000 regulatory capture https://minutesof.com/q/c56c4df5-bcf0-4304-929c-91ce0577aed0/ https://minutesof.com/q/c56c4df5-bcf0-4304-929c-91ce0577aed0/ “one of the things that's already come up is I think two of the largest departments in the country have failed audits for like three to five of the past years.” — Bill Gurley, BG2 Pod Thu, 21 Nov 2024 19:09:14 +0000 regulatory capture https://minutesof.com/q/7be4417c-1baa-4556-8349-739161fb7122/ https://minutesof.com/q/7be4417c-1baa-4556-8349-739161fb7122/ “The methodology that I'm gonna assume was Elon's idea is basically to shine a flashlight on the ideocracy that exists. And, you know, transparency can be a hell of a disinfectant.” — Bill Gurley, BG2 Pod Thu, 21 Nov 2024 19:09:14 +0000 regulatory capture https://minutesof.com/q/47b39a4c-1e89-481a-8489-4d372d16ccee/ https://minutesof.com/q/47b39a4c-1e89-481a-8489-4d372d16ccee/ “He seems to have remarkable touch in Washington and access, which, you know, regulation appears to be coming at us fast and furious.” — Bill Gurley, BG2 Pod Wed, 25 Sep 2024 16:21:38 +0000 regulatory capture https://minutesof.com/q/852ce6d0-6bc6-4c17-bc7a-2336732e1abf/ https://minutesof.com/q/852ce6d0-6bc6-4c17-bc7a-2336732e1abf/ “And then two, consider some type of Manhattan project like approach where you get out of the current environment, you get a lot of smart people thinking from first principles, you may be borrowed from what the Navy's done and consider open source or IP free solutions to get everybody on the same page.” — Bill Gurley, Bg2 Pod Mon, 09 Sep 2024 02:50:28 +0000 regulatory capture https://minutesof.com/q/c9d89b7a-4e1b-4a39-8c56-b6916f9a7363/ https://minutesof.com/q/c9d89b7a-4e1b-4a39-8c56-b6916f9a7363/ “And I don't think the impacts We're at a 4X cost if I don't think you get there, And you so, I mentioned this earlier, but Josh Shapiro, the Pennsylvania governor, everyone praises because this bridge went down on I-ninety 5 and he got it back up in twelve days.” — Bill Gurley, Bg2 Pod Mon, 09 Sep 2024 02:50:28 +0000 regulatory capture https://minutesof.com/q/b83e19e6-5069-401b-b41c-ec3d21d32307/ https://minutesof.com/q/b83e19e6-5069-401b-b41c-ec3d21d32307/ “Is fee based and all the people that are playing in this market I've talked to say you're probably 60,000,000 to first approval, just on fees the startups gonna pay to the NRC” — Bill Gurley, Bg2 Pod Mon, 09 Sep 2024 02:50:28 +0000 regulatory capture https://minutesof.com/q/25d4305c-dd0e-4f2c-af18-e3bac256d1a4/ https://minutesof.com/q/25d4305c-dd0e-4f2c-af18-e3bac256d1a4/ “NuScale had to start laying people off it's just tough. And the other tough part, the NRC, which we haven't talked much about, but the regulatory commission here in The U.” — Bill Gurley, Bg2 Pod Mon, 09 Sep 2024 02:50:28 +0000 regulatory capture https://minutesof.com/q/8b848938-80c2-4224-8dd6-ac2843227c57/ https://minutesof.com/q/8b848938-80c2-4224-8dd6-ac2843227c57/ “I ask all the AI bots, do you think there's any chance we would license something from South Korea? They all said, no, there's no chance we would do that.” — Bill Gurley, Bg2 Pod Mon, 09 Sep 2024 02:50:28 +0000 regulatory capture https://minutesof.com/q/69e62bd1-7bc0-43e4-9cba-ea3784fc9bf2/ https://minutesof.com/q/69e62bd1-7bc0-43e4-9cba-ea3784fc9bf2/ “Most people don't know this, you have no reason to know this, but the NRC is a fee based regulatory.” — Bill Gurley, Bg2 Pod Mon, 09 Sep 2024 02:50:28 +0000 regulatory capture https://minutesof.com/q/cf597b63-b3c6-4844-83b5-ae87abb4bf60/ https://minutesof.com/q/cf597b63-b3c6-4844-83b5-ae87abb4bf60/ “So the separate federal and state environmental permitting processes in The US is onerous, lengthy, probably ten years for a nuclear power plant, expensive.” — Bill Gurley, Bg2 Pod Mon, 09 Sep 2024 02:50:28 +0000 regulatory capture https://minutesof.com/q/17755769-e00f-4a3f-bb0d-dd26d81677b5/ https://minutesof.com/q/17755769-e00f-4a3f-bb0d-dd26d81677b5/ “South Korea is a democracy, a friend of The United States, they're at the same delivered price point as And they're doing it at scale and they're starting to export their technology.” — Bill Gurley, Bg2 Pod Mon, 09 Sep 2024 02:50:28 +0000 regulatory capture https://minutesof.com/q/8de503d1-ad42-40cd-89bd-f10065ea8080/ https://minutesof.com/q/8de503d1-ad42-40cd-89bd-f10065ea8080/ “So 13 to 2.5. Right, right. And that's a shocking Delta. Yes. And one of, I would say the single most surprising thing to me of all the discussions I've had in the past two weeks with everyone that's in this industry is how few people are shocked by that.” — Bill Gurley, Bg2 Pod Mon, 09 Sep 2024 02:50:28 +0000 regulatory capture https://minutesof.com/q/51aa0c48-2372-4bb2-aa33-eebfd76a7372/ https://minutesof.com/q/51aa0c48-2372-4bb2-aa33-eebfd76a7372/ “We recently brought on two new plants in The U. S. Vogtle three and four in And the total cost of that was about 30,000,000,000 for 2.2 gigawatts. It turns out over $13,000,000,000 per gigawatt.” — Bill Gurley, Bg2 Pod Mon, 09 Sep 2024 02:50:28 +0000 regulatory capture https://minutesof.com/q/4241ab74-6816-4ffb-a875-518044ebc518/ https://minutesof.com/q/4241ab74-6816-4ffb-a875-518044ebc518/ “And if you want to go build this next generation level three plant, I think you've got to rewrite the regulation from zero ground up, like make it thinner and tighter and two, I think we've gotten to the point where we got to say, this is so important, you can't sue these people.” — Bill Gurley, BG2 Pod Mon, 09 Sep 2024 02:12:29 +0000 regulatory capture https://minutesof.com/q/eaead953-0654-4e08-8dc7-843b4ca68ab3/ https://minutesof.com/q/eaead953-0654-4e08-8dc7-843b4ca68ab3/ “I think this anti Chinese mentality is a little nuts because if you look at low cost EVs, if you look at their subway stations, if you look at, they're leading us in many areas.” — Bill Gurley, BG2 Pod Mon, 09 Sep 2024 02:12:29 +0000 regulatory capture https://minutesof.com/q/519b4da8-2867-4c01-9e18-ab154883a3d4/ https://minutesof.com/q/519b4da8-2867-4c01-9e18-ab154883a3d4/ “And so those costs are extremely high. The second thing is litigation. So multiple special interest groups, particularly environmental groups will sue to stop any development whatsoever.” — Bill Gurley, BG2 Pod Mon, 09 Sep 2024 02:12:29 +0000 regulatory capture https://minutesof.com/q/b0ab9b57-a56c-479c-9864-f622f26dde50/ https://minutesof.com/q/b0ab9b57-a56c-479c-9864-f622f26dde50/ “South Korea is a democracy, a friend of The United they're at the same delivered price point as And they're doing it at scale and they're starting to export their technology.” — Bill Gurley, BG2 Pod Mon, 09 Sep 2024 02:12:29 +0000 regulatory capture https://minutesof.com/q/95240bad-3a90-45e8-8faf-da958201364d/ https://minutesof.com/q/95240bad-3a90-45e8-8faf-da958201364d/ “The plants in China that are the equivalent level three fission plants right now are coming on board at 2,500,000,000 per gigawatt. Right. So 13 to 2.5.” — Bill Gurley, BG2 Pod Mon, 09 Sep 2024 02:12:29 +0000 regulatory capture https://minutesof.com/q/851116b2-8d58-45a7-a422-e16b48850618/ https://minutesof.com/q/851116b2-8d58-45a7-a422-e16b48850618/ “Because I do think it's a sign of strength. And I could even go further and say that it should qualify under the Section two of the Sherman Act.” — Bill Gurley, BG2 Pod Fri, 09 Aug 2024 00:27:40 +0000 regulatory capture https://minutesof.com/q/c6bb012e-afba-490d-83ba-71420c1256d7/ https://minutesof.com/q/c6bb012e-afba-490d-83ba-71420c1256d7/ “I think, that engagement by Silicon Valley to fight back against the incumbents who are trying to do the capture. Right?” — Bill Gurley, BG2 Pod Thu, 25 Jul 2024 14:00:00 +0000 regulatory capture https://minutesof.com/q/87353c66-0b0c-4319-a6e2-ae1970e60270/ https://minutesof.com/q/87353c66-0b0c-4319-a6e2-ae1970e60270/ “this crazy idea to tax unrealized capital gains and how that in and of itself is not only almost impossible to implement, but also would undermine the very incentive that entrepreneurs have to go create businesses.” — Bill Gurley, BG2 Pod Thu, 25 Jul 2024 14:00:00 +0000 regulatory capture https://minutesof.com/q/c4135138-08e1-41c5-b34f-f68e1afb805b/ https://minutesof.com/q/c4135138-08e1-41c5-b34f-f68e1afb805b/ “And we may have created a people talk about the military industrial complex, we may have created a healthcare industrial complex that really can't stop maximizing profitability and different ways of making money not focus necessarily on the lowest cost, best, most preventative process.” — Bill Gurley, BG2 Pod Thu, 11 Jul 2024 20:24:05 +0000 regulatory capture https://minutesof.com/q/acadbdb8-ed97-46d0-a57a-77bf86c9732b/ https://minutesof.com/q/acadbdb8-ed97-46d0-a57a-77bf86c9732b/ “over 90% of NIH grants go towards things that are potentially monetizable, so either a product or a drug, and that the NIH is less interested in funding things that might be just preventative behavior, like behavioral things, like what you eat or your diet or things that don't lead to monetization.” — Bill Gurley, BG2 Pod Thu, 11 Jul 2024 20:24:05 +0000 regulatory capture https://minutesof.com/q/cd9c9bf4-cd56-48a1-87eb-09439226177d/ https://minutesof.com/q/cd9c9bf4-cd56-48a1-87eb-09439226177d/ “I think it'd just be a horrible step for the venture industry for this to be the first move when any new wave comes along is for people to run and become friends with the government and try and lock in their winners.” — Bill Gurley, Forbes Tue, 04 Jun 2024 13:00:12 +0000 regulatory capture https://minutesof.com/q/d374bd8b-b5e7-4899-bb54-611a16fdfb35/ https://minutesof.com/q/d374bd8b-b5e7-4899-bb54-611a16fdfb35/ “I've spent twenty five years in this business and and not had to go kowtow to Washington to go to go placate, you know, senators and congressmen.” — Bill Gurley, Forbes Tue, 04 Jun 2024 13:00:12 +0000 regulatory capture https://minutesof.com/q/bfba2390-afed-4183-a10e-768810893e8b/ https://minutesof.com/q/bfba2390-afed-4183-a10e-768810893e8b/ “Regulation is the friend of the incumbent. It's not time for the government to start picking winners.” — Bill Gurley, Forbes Tue, 04 Jun 2024 13:00:12 +0000 regulatory capture https://minutesof.com/q/4d6ba47b-9dbf-41cc-b914-0666deb0b9ed/ https://minutesof.com/q/4d6ba47b-9dbf-41cc-b914-0666deb0b9ed/ “Yeah. I say hell no. No. No. Like, that document was created to protect the realtor and that NAR created it.” — Bill Gurley, Qualia Wed, 01 May 2024 17:09:06 +0000 regulatory capture https://minutesof.com/q/e876f454-09a6-44d0-840d-588d94f172b3/ https://minutesof.com/q/e876f454-09a6-44d0-840d-588d94f172b3/ “Was that document created to aid the consumer in any way whatsoever? Was that the objective function of the way that document was created? Do you have” — Bill Gurley, Qualia Wed, 01 May 2024 17:09:06 +0000 regulatory capture https://minutesof.com/q/8e773658-d546-4a55-9ae5-82207abc7c7f/ https://minutesof.com/q/8e773658-d546-4a55-9ae5-82207abc7c7f/ “This is where I think China has a massive advantage. They could just clear the decks for good for every project going forward. Whereas we're now making exceptions maybe with the TSMC plant in Arizona.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 regulatory capture https://minutesof.com/q/b3ce4c20-78b7-4a53-94fa-f0545424528b/ https://minutesof.com/q/b3ce4c20-78b7-4a53-94fa-f0545424528b/ “There's a lot of talk about Boeing these days and a lack of competition and coziness with regulators. And it's a really big problem in the industries that have been around the longest.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 regulatory capture https://minutesof.com/q/43038c3e-931c-4be1-8516-0d5d485626b8/ https://minutesof.com/q/43038c3e-931c-4be1-8516-0d5d485626b8/ “The more people hang around Washington for a very long period of time, they just learn how to influence it.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 regulatory capture https://minutesof.com/q/e0d7fb63-5afe-4e30-8df7-0790ca189093/ https://minutesof.com/q/e0d7fb63-5afe-4e30-8df7-0790ca189093/ “I don't know that seventeen years makes any sense whatsoever and why that industry gets protected down to a very minute detail of innovation, whereas it's very hard to have a software patent.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 regulatory capture https://minutesof.com/q/4612e543-cda9-44ba-91c3-bd9da9abd61c/ https://minutesof.com/q/4612e543-cda9-44ba-91c3-bd9da9abd61c/ “They have over 300 plants currently either being built or in development. We have zero, zero plants being built, I think 13 plants that are proposed, according to this data that we have here.” — Bill Gurley, BG2 Pod Thu, 04 Apr 2024 17:20:29 +0000 regulatory capture https://minutesof.com/q/36141374-91f9-49d3-92f1-9fab5aeea978/ https://minutesof.com/q/36141374-91f9-49d3-92f1-9fab5aeea978/ “So how could how could a client with nine shares lead to a multibillion dollar award to a lawyer?” — Bill Gurley, BG2 Pod Thu, 07 Mar 2024 16:29:00 +0000 regulatory capture https://minutesof.com/q/b7532e35-fef9-457b-999b-eecea57cb9bc/ https://minutesof.com/q/b7532e35-fef9-457b-999b-eecea57cb9bc/ “One one data point you you left out, which came up recently, is the lawyers that that pursued this case are asking for 5 or $6,000,000,000 in payment.” — Bill Gurley, BG2 Pod Thu, 07 Mar 2024 16:29:00 +0000 regulatory capture https://minutesof.com/q/66e81897-a081-4291-9aa7-7a2c6d0f576c/ https://minutesof.com/q/66e81897-a081-4291-9aa7-7a2c6d0f576c/ “And then Vinod started basically saying that literally, like, yes, we should block open source.” — Bill Gurley, BG2 Pod Thu, 07 Mar 2024 16:29:00 +0000 regulatory capture https://minutesof.com/q/88381c07-a00f-4e1a-974f-30cf12e8f3ac/ https://minutesof.com/q/88381c07-a00f-4e1a-974f-30cf12e8f3ac/ “it's been a sad reality that some of the larger LLM players have literally attacked open source directly and are telling regulators to try and disable it.” — Bill Gurley, Bg2 Pod Thu, 25 Jan 2024 16:05:50 +0000 regulatory capture https://minutesof.com/q/88e2d70b-c44d-4ba4-ae3b-c9ef0fdb90b7/ https://minutesof.com/q/88e2d70b-c44d-4ba4-ae3b-c9ef0fdb90b7/ “And for me, it's been a sad reality that some of the larger LLM players have literally attacked open source directly and are telling regulators to try and disable it.” — Bill Gurley, Bg2 Pod Thu, 25 Jan 2024 16:05:50 +0000 regulatory capture https://minutesof.com/q/b4be9683-755b-42a5-95e8-b6912d99cd6d/ https://minutesof.com/q/b4be9683-755b-42a5-95e8-b6912d99cd6d/ “So if you shut it down in a particular region, that region is gonna fail to innovate relative to the other regions that are out there.” — Bill Gurley, This Week in Startups Tue, 10 Oct 2023 01:53:27 +0000 regulatory capture https://minutesof.com/q/6ee9d271-deed-4ec9-b3a5-8e4d89e0e946/ https://minutesof.com/q/6ee9d271-deed-4ec9-b3a5-8e4d89e0e946/ “The people that are leading the charge calling for the regulation and calling and some of them raising this question of whether open source should be allowed are the incumbents.” — Bill Gurley, This Week in Startups Tue, 10 Oct 2023 01:53:27 +0000 regulatory capture https://minutesof.com/q/ad0d3bce-2f21-4900-b434-e6e2355bebf4/ https://minutesof.com/q/ad0d3bce-2f21-4900-b434-e6e2355bebf4/ “In particular, it's quite notable that all of the loud voices are either executives at these companies and or large investors at these companies.” — Bill Gurley, This Week in Startups Tue, 10 Oct 2023 01:53:27 +0000 regulatory capture https://minutesof.com/q/ce52a09e-1e02-40c3-bc86-bad00bc5b4e1/ https://minutesof.com/q/ce52a09e-1e02-40c3-bc86-bad00bc5b4e1/ “The reason Silicon Valley has been so successful is because it's so fucking far away from Washington DC.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/8e744345-ec75-412d-96ae-b5ec00a1d8b2/ https://minutesof.com/q/8e744345-ec75-412d-96ae-b5ec00a1d8b2/ “Yesterday, just for kicks kinda, I went online. This is Walgreens and CVS antigen test. There's seven tests. They're all exactly $23.99. What is that? That's not a marketplace. That's not open competition.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/e61dcf06-83c3-45db-82ce-2668d4bc993c/ https://minutesof.com/q/e61dcf06-83c3-45db-82ce-2668d4bc993c/ “This guy's name is Timothy Stenzel. Now, he works for the FDA, and he runs the group that oversees which antigen test gets approved.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/f5baaa34-9dc1-4a08-ab59-ed5559dc0f5c/ https://minutesof.com/q/f5baaa34-9dc1-4a08-ab59-ed5559dc0f5c/ “Here they are on the right, 96 different vendors that they ok'd. And as a result, in the German market, you could buy five tests for $3.75 or €75 cents a test.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/79404e94-d2a9-404c-8c61-0dd6ca1ed1bf/ https://minutesof.com/q/79404e94-d2a9-404c-8c61-0dd6ca1ed1bf/ “Germany leaned heavily into rapid tests. They got their scientists together, and they evaluated a 122 different vendors and validated 96 of them.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/22ee3c5a-5948-4d4c-9bca-75b0759097b7/ https://minutesof.com/q/22ee3c5a-5948-4d4c-9bca-75b0759097b7/ “But they got the Department of Justice to enforce people that didn't have the feature set that were getting the payments, and you had three record fines, 155,000,000, 57,000,000, 145,000,000 against the lesser competitors of Epic. Unreal.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/8e8852af-edde-466f-a847-b772017c2257/ https://minutesof.com/q/8e8852af-edde-466f-a847-b772017c2257/ “Doctors would receive $44,000 each if they bought software. $38,000,000,000. This is true. You can look it up. I'm not making it up. $44,000, give it to a doctor, implement some software.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/e79bc668-dfba-4436-bdb3-c0e37fa21a66/ https://minutesof.com/q/e79bc668-dfba-4436-bdb3-c0e37fa21a66/ “I have to assume she helped encourage this. Doctors would receive $44,000 each if they bought software. $38,000,000,000. This is true. You can look it up.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/cd031a83-117d-4a17-9b0b-97597213caa7/ https://minutesof.com/q/cd031a83-117d-4a17-9b0b-97597213caa7/ “They came up with a brilliant idea. I have to assume she helped encourage this. Doctors would receive $44,000 each if they bought software. $38,000,000,000.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/1a150e57-a2a3-4c33-a1ea-e232a02398be/ https://minutesof.com/q/1a150e57-a2a3-4c33-a1ea-e232a02398be/ “Obama put her on his health IT council. She was the only corporate representative. Should not surprise you that, she's a major donor to Obama.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/3587eaeb-6fe0-442c-92a8-53fe5f69437b/ https://minutesof.com/q/3587eaeb-6fe0-442c-92a8-53fe5f69437b/ “As a rule, regulation is acquired by the industry and is designed and operated primarily for its benefit. I'd like to say regulation is the friend of the incumbent.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/0ceb6ad8-9cc2-4f00-b88e-4e66c28597e2/ https://minutesof.com/q/0ceb6ad8-9cc2-4f00-b88e-4e66c28597e2/ “As a rule, regulation is acquired by the industry and is designed and operated primarily for its benefit.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/b9f291c5-a207-4107-a2ce-49176e991e82/ https://minutesof.com/q/b9f291c5-a207-4107-a2ce-49176e991e82/ “This used to be 15% of what VCs did. Within ten years, it had gone below 1%, and a year later, the MVCA stopped tracking it.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/66f86aa1-7c6c-4512-ab84-1aafbc17161f/ https://minutesof.com/q/66f86aa1-7c6c-4512-ab84-1aafbc17161f/ “In 1996, the top four had 48 market share. Four, five years later, after this heralded legislation, they're up to 85%. That didn't work.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/33c74caa-4bba-414e-affa-1a9bcb426f77/ https://minutesof.com/q/33c74caa-4bba-414e-affa-1a9bcb426f77/ “In 1996, the top four had 48 market share. Four, five years later, after this heralded legislation, they're up to 85%. That didn't work. Let's check-in on the second one. Were they promoting innovation?” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/6e9449f6-fd1b-481c-8f5d-2f497e715391/ https://minutesof.com/q/6e9449f6-fd1b-481c-8f5d-2f497e715391/ “They had put a bill on Governor Rindle's desk, proposal drafted by lobbyists for the telecommunications companies. This isn't what I learned on Schoolhouse Rock.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 regulatory capture https://minutesof.com/q/ca17b810-93b5-478a-8c30-99b0ce030516/ https://minutesof.com/q/ca17b810-93b5-478a-8c30-99b0ce030516/ “of my favorite examples, the Obama administration came up with this program where they spent $44,000,000,000 paying doctors to implement EHR systems.” — Bill Gurley, Tim Ferriss Thu, 26 Jan 2023 19:45:00 +0000 regulatory capture https://minutesof.com/q/e3e37f10-6b7e-427a-893d-62e6ea783818/ https://minutesof.com/q/e3e37f10-6b7e-427a-893d-62e6ea783818/ “I think it's a fundamental question if that term weren't in the DAO or if instead it said the community will never rake a transaction, what would that do to the value of Uniswap?” — Bill Gurley, Invest Like the Best Tue, 07 Dec 2021 09:00:00 +0000 regulatory capture https://minutesof.com/q/0a8ea9f2-d725-47ea-ac40-ca1c61dc6fcc/ https://minutesof.com/q/0a8ea9f2-d725-47ea-ac40-ca1c61dc6fcc/ “And that number's 200,000,000,000 over the past forty years, 30,000,000,000 just last year. So it's actually gotten worse.” — Bill Gurley, CNBC Television Tue, 28 Sep 2021 12:18:07 +0000 regulatory capture https://minutesof.com/q/96c4676b-42ca-4cb3-9b36-0a4d47a8a256/ https://minutesof.com/q/96c4676b-42ca-4cb3-9b36-0a4d47a8a256/ “the legacy IPO process has devolved into this process where a huge one day gains are transferred from the investment banks to their trading clients.” — Bill Gurley, CNBC Television Tue, 28 Sep 2021 12:18:07 +0000 regulatory capture https://minutesof.com/q/ba0e1c79-fc7a-4b3c-a70c-291cb4d8c6f2/ https://minutesof.com/q/ba0e1c79-fc7a-4b3c-a70c-291cb4d8c6f2/ “So if you look at the Robinhood filings, they make about 4x the amount of revenue on a option trade than they do a stock trade.” — Bill Gurley, Bloomberg Tech Wed, 25 Aug 2021 23:40:05 +0000 regulatory capture https://minutesof.com/q/f3141acb-f523-4052-ad2c-b3e8b98c3cf9/ https://minutesof.com/q/f3141acb-f523-4052-ad2c-b3e8b98c3cf9/ “their minimum member fee is $420 a year that they charge their 2,000,000 members who, by the way, aren't in the ride sharing industry. They're in hospitality and government and health care.” — Bill Gurley, Bloomberg Tech Wed, 25 Aug 2021 23:40:05 +0000 regulatory capture https://minutesof.com/q/a4de01fc-c4b8-4c3a-925e-47e35fd61ea4/ https://minutesof.com/q/a4de01fc-c4b8-4c3a-925e-47e35fd61ea4/ “They want their minimum member fee is $420 a year that they charge their 2,000,000 members who, by the way, aren't in the ride sharing industry.” — Bill Gurley, Bloomberg Tech Wed, 25 Aug 2021 23:40:05 +0000 regulatory capture https://minutesof.com/q/42e3dc03-03cf-42bd-aad7-1ab46ab6cecb/ https://minutesof.com/q/42e3dc03-03cf-42bd-aad7-1ab46ab6cecb/ “They want their minimum member fee is $420 a year that they charge their 2,000,000 members who, by the way, aren't in the ride sharing industry. They're in hospitality and government and health care.” — Bill Gurley, Bloomberg Tech Wed, 25 Aug 2021 23:40:05 +0000 regulatory capture https://minutesof.com/q/055af737-24e9-41d1-879b-66d64f3eab89/ https://minutesof.com/q/055af737-24e9-41d1-879b-66d64f3eab89/ “They're the largest, spender, in lobbying of any entity in The US against, you know, these companies that are trying to bring new job opportunities to people,” — Bill Gurley, Bloomberg Tech Wed, 25 Aug 2021 23:40:05 +0000 regulatory capture https://minutesof.com/q/1a530a10-6ad2-48e2-896b-608ebb992b1c/ https://minutesof.com/q/1a530a10-6ad2-48e2-896b-608ebb992b1c/ “Interestingly, you know, as a side note, Japan's antitrust department just launched an investigation into standard IPO practices and these types of conflicts.” — Bill Gurley, Axios Wed, 18 Aug 2021 17:10:45 +0000 regulatory capture https://minutesof.com/q/ee18b10c-9901-4905-a82a-261d4a0aaf38/ https://minutesof.com/q/ee18b10c-9901-4905-a82a-261d4a0aaf38/ “And it's gotten worse, actually, over the past twenty or thirty years. The process itself has gotten more mundane.” — Bill Gurley, Axios Wed, 18 Aug 2021 17:10:45 +0000 regulatory capture https://minutesof.com/q/8b5c59af-c95e-47dc-b958-d172b8af4193/ https://minutesof.com/q/8b5c59af-c95e-47dc-b958-d172b8af4193/ “I wonder if part of what's going on is that the Chinese government wants to make sure that though that wealth is actually kept inside of China, taxed appropriately, and then able to be regenerative in that market.” — Bill Gurley, CNBC Television Fri, 09 Jul 2021 16:31:30 +0000 regulatory capture https://minutesof.com/q/78170419-d2e3-4bdd-bd2d-9c0e78acb86c/ https://minutesof.com/q/78170419-d2e3-4bdd-bd2d-9c0e78acb86c/ “I wonder I and I don't have any data to back this up, but I wonder if part of what's going on is that the Chinese government wants to make sure that though that wealth is actually kept inside of China, taxed appropriately, and then able to be regenerative in that market.” — Bill Gurley, CNBC Television Fri, 09 Jul 2021 16:31:30 +0000 regulatory capture https://minutesof.com/q/a36419d9-05f5-43b4-95ac-7f9cde9b6a9e/ https://minutesof.com/q/a36419d9-05f5-43b4-95ac-7f9cde9b6a9e/ “There will be people that will fight it from a regulatory standpoint. And quite frankly, Brad, they're fighting the SPACs from a regulatory standpoint.” — Bill Gurley, CNBC Television Wed, 12 May 2021 16:26:01 +0000 regulatory capture https://minutesof.com/q/76129b3f-2e8f-4c47-bd6f-b5d1ed647c70/ https://minutesof.com/q/76129b3f-2e8f-4c47-bd6f-b5d1ed647c70/ “I stumbled across a piece that Citadel had sent to the SEC in 2005, where they argued that it should be illegal because of inherent conflicts of interest.” — Bill Gurley, CNBC Television Wed, 12 May 2021 16:26:01 +0000 regulatory capture https://minutesof.com/q/04d390d1-677b-4a7c-8a71-7cef7733e4b1/ https://minutesof.com/q/04d390d1-677b-4a7c-8a71-7cef7733e4b1/ “You know, it's interesting. I stumbled across a piece that Citadel had sent to the SEC in 2005, where they argued that it should be illegal because of inherent conflicts of interest.” — Bill Gurley, CNBC Television Wed, 12 May 2021 16:26:01 +0000 regulatory capture https://minutesof.com/q/cce45c87-478a-4494-b39f-92c15095aaa0/ https://minutesof.com/q/cce45c87-478a-4494-b39f-92c15095aaa0/ “So I would say the more regulation actually, the more you wanna own the stock.” — Bill Gurley, Bloomberg Tech Sat, 06 Feb 2021 00:47:45 +0000 regulatory capture https://minutesof.com/q/ca239027-75a6-4de6-b6be-80e6280af82c/ https://minutesof.com/q/ca239027-75a6-4de6-b6be-80e6280af82c/ “Most of the time when Washington DC leans into a new to to a new industry, you lock in the incumbents,” — Bill Gurley, Bloomberg Tech Sat, 06 Feb 2021 00:47:45 +0000 regulatory capture https://minutesof.com/q/2c5c683e-4d2d-4ad7-9b02-d679af50346a/ https://minutesof.com/q/2c5c683e-4d2d-4ad7-9b02-d679af50346a/ “regulation's the friend of the incumbent. Most of the time when Washington DC leans into a new to to a new industry, you lock in the incumbents, and and the rules are written by the incumbents and make it very hard for new entrants to come up behind them.” — Bill Gurley, Bloomberg Tech Sat, 06 Feb 2021 00:47:45 +0000 regulatory capture https://minutesof.com/q/7a32e6e1-77c2-45e5-9180-840f90a2c81b/ https://minutesof.com/q/7a32e6e1-77c2-45e5-9180-840f90a2c81b/ “The the the primary issues with the traditional IPO are twofold and the SEC nailed them both in their in their draft today, which is that it doesn't provide access to all investors.” — Bill Gurley, CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 regulatory capture https://minutesof.com/q/1b71679f-0b73-46f7-a0b4-90f535c7c549/ https://minutesof.com/q/1b71679f-0b73-46f7-a0b4-90f535c7c549/ “If they had been able to tie the browser to search the way they did, the way they went after Netscape aggressively, I think they would have succeeded. They're really good at that stuff.” — Bill Gurley, Bloomberg Tech Fri, 16 Oct 2020 00:08:57 +0000 regulatory capture https://minutesof.com/q/916601b2-7af9-4fe3-8910-e55aaa30153e/ https://minutesof.com/q/916601b2-7af9-4fe3-8910-e55aaa30153e/ “I actually believe in my heart of hearts that the government restricting Microsoft's ability to leverage their way through the browser, open the door for Facebook, Google, Amazon.” — Bill Gurley, Bloomberg Tech Fri, 16 Oct 2020 00:08:57 +0000 regulatory capture https://minutesof.com/q/83ca26ed-50ba-4257-8b34-38b4cba4df6f/ https://minutesof.com/q/83ca26ed-50ba-4257-8b34-38b4cba4df6f/ “The SEIU and other unions leaned on the Sacramento legislature to write a law targeting an industry they don't even represent, which I think is also crazy.” — Bill Gurley, Bloomberg Tech Fri, 16 Oct 2020 00:08:57 +0000 regulatory capture https://minutesof.com/q/4ff453fc-1363-40d7-bcf6-dfe3f53e125f/ https://minutesof.com/q/4ff453fc-1363-40d7-bcf6-dfe3f53e125f/ “So last year and the year before, there were about $6,000,000,000 in underpricing across all of venture backed companies. Jay Ritter at the University of Florida aggregates this data.” — Bill Gurley, Bloomberg Tech Fri, 16 Oct 2020 00:08:57 +0000 regulatory capture https://minutesof.com/q/8a3fc02d-f7f1-4a22-8a90-3fedff8dbe1b/ https://minutesof.com/q/8a3fc02d-f7f1-4a22-8a90-3fedff8dbe1b/ “Well, if someone gets to do that, the SPAC sponsors are saying, Hey Goldman, Hey Morgan, you don't get to allocate that money to your friends.” — Bill Gurley, CNBC Television Fri, 02 Oct 2020 16:26:10 +0000 regulatory capture https://minutesof.com/q/223e430e-4bc5-4893-b5c2-11fbb3e3d1ca/ https://minutesof.com/q/223e430e-4bc5-4893-b5c2-11fbb3e3d1ca/ “Well, if someone gets to do that, the SPAC sponsors are saying, Hey Goldman, Hey Morgan, you don't get to allocate that money to your friends. I'm gonna allocate it to mine.” — Bill Gurley, CNBC Television Fri, 02 Oct 2020 16:26:10 +0000 regulatory capture https://minutesof.com/q/74f09d86-3b95-495f-b0a8-44cb09f6058f/ https://minutesof.com/q/74f09d86-3b95-495f-b0a8-44cb09f6058f/ “I think is the SPAC craze because you've created this massive pricing umbrella arbitrage to get a company public where the traditional route means someone gets to allocate $200,000,000 to their buddies.” — Bill Gurley, CNBC Television Fri, 02 Oct 2020 16:26:10 +0000 regulatory capture https://minutesof.com/q/92005dc1-7ecc-4658-aa38-2c5a5a3b15c4/ https://minutesof.com/q/92005dc1-7ecc-4658-aa38-2c5a5a3b15c4/ “So you have a $200,000,000 tax to go public through the traditional IPO route, which is completely unnecessary.” — Bill Gurley, CNBC Television Fri, 02 Oct 2020 16:26:10 +0000 regulatory capture https://minutesof.com/q/f9cc217d-d366-4933-abb8-1c623971a9b6/ https://minutesof.com/q/f9cc217d-d366-4933-abb8-1c623971a9b6/ “Pierro Midiard had at eBay calling it undemocratic. You know, Hambrick and Quist, Bill Hambrick, twenty years ago called the IPO an insider's game.” — Bill Gurley, Bloomberg Tech Wed, 02 Oct 2019 18:47:29 +0000 regulatory capture https://minutesof.com/q/c0faaaec-cd69-4d2b-8d11-eed9da7c6e8f/ https://minutesof.com/q/c0faaaec-cd69-4d2b-8d11-eed9da7c6e8f/ “You know, thirty, forty years over the past thirty eight years, 171,000,000,000 in First Day Wealth Transfer. And in the past 50 in the past three years, that's 15,000,000,000.” — Bill Gurley, CNBC Television Wed, 02 Oct 2019 17:35:22 +0000 regulatory capture https://minutesof.com/q/b682796e-62fb-459b-92fc-a0888a6779e1/ https://minutesof.com/q/b682796e-62fb-459b-92fc-a0888a6779e1/ “In the traditional IPO process, neither of those things are true. You don't have a market based price discovery, and you don't have open and equal access to all.” — Bill Gurley, CNBC Television Wed, 02 Oct 2019 17:35:22 +0000 regulatory capture https://minutesof.com/q/2c2bc9c6-9e72-4d1a-8bab-64337f0a7ccc/ https://minutesof.com/q/2c2bc9c6-9e72-4d1a-8bab-64337f0a7ccc/ “So you just have to realize the customer is not the startup. The customer is the buy side.” — Bill Gurley, CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 regulatory capture https://minutesof.com/q/401a6dbf-33c5-46b6-99f2-675af164c835/ https://minutesof.com/q/401a6dbf-33c5-46b6-99f2-675af164c835/ “So you've got an agent who's looking after multiple parties, the company, but guess what? Also the buy side.” — Bill Gurley, CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 regulatory capture https://minutesof.com/q/8fa964f2-67a6-4e14-85d1-05c36e5f5859/ https://minutesof.com/q/8fa964f2-67a6-4e14-85d1-05c36e5f5859/ “There's an area of study in economics called, the agency problem, and and there's a the variant of it called the multiple agency problem.” — Bill Gurley, CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 regulatory capture https://minutesof.com/q/e7e1d7d0-60ea-4102-88c4-e6985c4140af/ https://minutesof.com/q/e7e1d7d0-60ea-4102-88c4-e6985c4140af/ “So 20 x over supply is a euphemism for we're about to ignore 95% of the demand for your stock. Intentionally ignore 95% of the demand for your stock.” — Bill Gurley, CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 regulatory capture https://minutesof.com/q/3a0cc956-0466-4756-a71e-e78288bfb681/ https://minutesof.com/q/3a0cc956-0466-4756-a71e-e78288bfb681/ “So 20 x over supply is a euphemism for we're about to ignore 95% of the demand for your stock.” — Bill Gurley, CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 regulatory capture https://minutesof.com/q/aa59fe5e-ce41-40fc-850b-2170eae99674/ https://minutesof.com/q/aa59fe5e-ce41-40fc-850b-2170eae99674/ “it turns out that if you go with the best investment bank, you get the worst execution. And that is that's remarkably odd.” — Bill Gurley, CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 regulatory capture https://minutesof.com/q/5bef1245-e36f-4e4e-8057-c4fea5b609d0/ https://minutesof.com/q/5bef1245-e36f-4e4e-8057-c4fea5b609d0/ “this is ten years of data, a decade of data over a 100 IPOs, per underwriter. And what you see is astonishing.” — Bill Gurley, CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 regulatory capture https://minutesof.com/q/bd1f6c4e-b79f-4d25-9694-f171065f5211/ https://minutesof.com/q/bd1f6c4e-b79f-4d25-9694-f171065f5211/ “So this is ten years of data, a decade of data over a 100 IPOs, per underwriter. And what you see is astonishing.” — Bill Gurley, CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 regulatory capture https://minutesof.com/q/04927627-3f78-4c68-a2de-2f00e578d68c/ https://minutesof.com/q/04927627-3f78-4c68-a2de-2f00e578d68c/ “And so over thirty nine years, that's been a 171,000,000,000 for Silicon Valley companies, and it's been increasing lately.” — Bill Gurley, CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 regulatory capture https://minutesof.com/q/66426ce5-8d56-41e5-8cf2-587d18f73f4d/ https://minutesof.com/q/66426ce5-8d56-41e5-8cf2-587d18f73f4d/ “They did it to protect themselves, like, three days to settle a transaction. There are other countries that just mandated UK faster payments.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 regulatory capture https://minutesof.com/q/87019b5c-0c00-48a3-aa4c-2115d91aa67f/ https://minutesof.com/q/87019b5c-0c00-48a3-aa4c-2115d91aa67f/ “I these banks made a huge mistake, which is they've sat on their hands with ACH for thirty years, and they did it for all the wrong reasons.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 regulatory capture https://minutesof.com/q/9a9943e8-12c5-4f8e-b1ed-627e337b5305/ https://minutesof.com/q/9a9943e8-12c5-4f8e-b1ed-627e337b5305/ “It's extremely dangerous because the the laws of most, marketplaces doesn't exist. You know, there's not a simple gravity. There's forces in five different directions.” — Bill Gurley, CNBC Fri, 17 Nov 2017 18:49:28 +0000 regulatory capture https://minutesof.com/q/8f23b934-6056-44b3-9754-11a376fcf41c/ https://minutesof.com/q/8f23b934-6056-44b3-9754-11a376fcf41c/ “If they're striking a new federal law, like the lobbyists from the companies being regulated are on M Street talking to the congressman about what to put into the bill.” — Bill Gurley, This Week in Startups Fri, 07 Apr 2017 23:27:51 +0000 regulatory capture https://minutesof.com/q/1d20d24a-3406-4520-80a8-3ae6099e3062/ https://minutesof.com/q/1d20d24a-3406-4520-80a8-3ae6099e3062/ “what happens is capitalism and democracy evolve over time, especially in The US federal system. The most regulated industries become the ones that are least capitalistic. And so finance, telecom, healthcare are completely,” — Bill Gurley, This Week in Startups Fri, 07 Apr 2017 23:27:51 +0000 regulatory capture https://minutesof.com/q/314d61f4-18d4-4123-9aad-e56a48882a76/ https://minutesof.com/q/314d61f4-18d4-4123-9aad-e56a48882a76/ “And there's a lot of fees that are being raked on things that you could say, like FX, that aren't fundamental creation of value.” — Bill Gurley, VivaTech Wed, 13 Jul 2016 11:33:12 +0000 regulatory capture https://minutesof.com/q/49b9f2d0-945d-4f92-b10b-b4fdd4b867a6/ https://minutesof.com/q/49b9f2d0-945d-4f92-b10b-b4fdd4b867a6/ “And I think what we see right now is a almost Bernie Madoff like dynamic where capital comes in, it gets marked up without any public scrutiny, unaudited financials.” — Bill Gurley, VivaTech Wed, 13 Jul 2016 11:33:12 +0000 regulatory capture https://minutesof.com/q/e71e6958-d091-42e8-8dfa-4e4e94589810/ https://minutesof.com/q/e71e6958-d091-42e8-8dfa-4e4e94589810/ “The most fascinating thing for me is that for basically eighty years, we grossly underestimated the demand for transportation services. And we limited it at a city government level with the taxi medallion.” — Bill Gurley, SXSW Fri, 20 Mar 2015 17:13:49 +0000 regulatory capture https://minutesof.com/q/33d4e8d2-3583-4eb8-93b5-8eb1154b163e/ https://minutesof.com/q/33d4e8d2-3583-4eb8-93b5-8eb1154b163e/ “So, our government has paid $29,000,000,000 for doctors to implement software that they weren't naturally implementing on their own.” — Bill Gurley, SXSW Fri, 20 Mar 2015 17:13:49 +0000 regulatory capture https://minutesof.com/q/87fdb737-6828-4bb0-9a05-84083de83b80/ https://minutesof.com/q/87fdb737-6828-4bb0-9a05-84083de83b80/ “So, the payments for these incentive programs, because I just looked it up to get the recent update, dollars 29,000,000,000.” — Bill Gurley, SXSW Fri, 20 Mar 2015 17:13:49 +0000 regulatory capture https://minutesof.com/q/51dcfdff-ca44-46db-8dd6-2e6bc57b6b5e/ https://minutesof.com/q/51dcfdff-ca44-46db-8dd6-2e6bc57b6b5e/ “So, it'd basically be like telling a construction company if you put in NetSuite, you get paid $50.” — Bill Gurley, SXSW Fri, 20 Mar 2015 17:13:49 +0000 regulatory capture https://minutesof.com/q/d088e949-e8d4-4f7f-81c9-f2c929a5aba0/ https://minutesof.com/q/d088e949-e8d4-4f7f-81c9-f2c929a5aba0/ “So in 2009, when the government passed the Reinvestment Act to try and get America going or whatever it was called, they put in place a program where a doctor is paid, believe this or not, paid $44,000 to implement EHR, electronic health records.” — Bill Gurley, SXSW Fri, 20 Mar 2015 17:13:49 +0000 regulatory capture https://minutesof.com/q/c8bf9c24-8402-47c0-b87f-2e433895cc4d/ https://minutesof.com/q/c8bf9c24-8402-47c0-b87f-2e433895cc4d/ “C, his former chief of staff is in jail because he took a bribe from the taxi fleet, you know, like two years ago, and he's still on the commission that's deciding these things.” — Bill Gurley, SVTV Mon, 17 Dec 2012 16:59:38 +0000 regulatory capture https://minutesof.com/q/16c4605a-2c12-4aae-a523-9da6f266ef22/ https://minutesof.com/q/16c4605a-2c12-4aae-a523-9da6f266ef22/ “The predominant driver of most 100% of the legal issues is either a taxi commissioner or a taxi fleet.” — Bill Gurley, SVTV Mon, 17 Dec 2012 16:59:38 +0000 regulatory capture https://minutesof.com/q/26d5648c-8b55-4bba-ab8b-7f279690f02d/ https://minutesof.com/q/26d5648c-8b55-4bba-ab8b-7f279690f02d/ “It had already become very difficult for us to seed ventures where the primary customer was the carrier” — Bill Gurley, Bloomberg Originals Fri, 23 Mar 2012 16:15:50 +0000 regulatory capture https://minutesof.com/q/2192ef8c-888c-43fa-a4a3-8ec3e0921914/ https://minutesof.com/q/2192ef8c-888c-43fa-a4a3-8ec3e0921914/ “It had already become very difficult for us to seed ventures where the primary customer was the carrier And so now to have three instead of four, you just increase the market power of those of those players.” — Bill Gurley, Bloomberg Originals Fri, 23 Mar 2012 16:15:50 +0000 regulatory capture https://minutesof.com/q/c5db4956-2b8c-471f-9cd0-7af04554e1dc/ https://minutesof.com/q/c5db4956-2b8c-471f-9cd0-7af04554e1dc/ “Having more oligopic behavior within that industry is gonna from my perspective lead to less innovation not more.” — Bill Gurley, Bloomberg Originals Fri, 23 Mar 2012 16:15:50 +0000 regulatory capture https://minutesof.com/q/81072470-5f7d-4010-825d-69979c0b10fc/ https://minutesof.com/q/81072470-5f7d-4010-825d-69979c0b10fc/ “In other words if you had a casino on one side of the street that took a 50% rake and another one on the other that took a 10% rake, eventually all the customers are gonna go to where the rake's 10%. Right?” — Bill Gurley, Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 regulatory capture https://minutesof.com/q/962f6772-44c3-4afd-90f3-f4af663ef18b/ https://minutesof.com/q/962f6772-44c3-4afd-90f3-f4af663ef18b/ “And as a result, the number of venture firms has begun to shrunk rather dramatically.” — Bill Gurley, Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 regulatory capture