https://minutesof.com/on/valuations/ Everyone on the record about valuations: 49 verbatim quotes from 8 people, June 2011 to August 2026, in one chronology, each with a timestamp and a link… en Sun, 30 Aug 2026 22:33:19 +0000 https://minutesof.com/q/5ab0ffc7-704b-4cb1-aa64-fa8498e4e0ac/ https://minutesof.com/q/5ab0ffc7-704b-4cb1-aa64-fa8498e4e0ac/ “By the time I wrote that, I already knew that Uber in San Francisco was 20 x bigger than the taxi market in San Francisco.” — Bill Gurley, BlackNova Productions Tue, 04 Aug 2026 07:34:54 +0000 valuations https://minutesof.com/q/0a06511c-242c-42de-b348-ed2d247f9a88/ https://minutesof.com/q/0a06511c-242c-42de-b348-ed2d247f9a88/ “private one last thing. Yeah. Sorry. Private cap tables are not structured very well to go down.” — Bill Gurley, Forbes Mon, 13 Jul 2026 11:00:14 +0000 valuations https://minutesof.com/q/57620673-e793-4b0d-819a-af788755f600/ https://minutesof.com/q/57620673-e793-4b0d-819a-af788755f600/ “Valuations represent discounted future expectations. So the higher the valuation you take, the more is expected of you and the slight misstep and you could be way underneath.” — Bill Gurley, Forbes Mon, 13 Jul 2026 11:00:14 +0000 valuations https://minutesof.com/q/61eeb6f9-bae8-42cc-b4d4-e039e5c7332d/ https://minutesof.com/q/61eeb6f9-bae8-42cc-b4d4-e039e5c7332d/ “The other thing that founders should always realize that they unfortunately, especially young ones, don't understand. Valuations represent discounted future expectations.” — Bill Gurley, Forbes Mon, 13 Jul 2026 11:00:14 +0000 valuations https://minutesof.com/q/d554338f-6c56-4342-8d40-c2135869c4b5/ https://minutesof.com/q/d554338f-6c56-4342-8d40-c2135869c4b5/ “So you really have this massive black, white, have, have not situation where the AI companies are raising money at crazy valuations and the non AI companies can't raise money at any valuation.” — Bill Gurley, Forbes Mon, 13 Jul 2026 11:00:14 +0000 valuations https://minutesof.com/q/6aef2f58-4a02-45d1-9f67-49e991467942/ https://minutesof.com/q/6aef2f58-4a02-45d1-9f67-49e991467942/ “Today, every company that is being identified as a winner is ingesting 400 or $500,000,000 minimum before they even think about going public, if they're ever gonna think about that.” — Bill Gurley, Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 valuations https://minutesof.com/q/72fb6e8e-f76a-452e-8beb-86af85241468/ https://minutesof.com/q/72fb6e8e-f76a-452e-8beb-86af85241468/ “in the past five weeks, the valuations on the non AI companies have been cut in half and so that mentality is gonna be reinforced even more and so there's just no oxygen.” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 valuations https://minutesof.com/q/c7b90370-c001-428b-afdc-c9e23cfb21b2/ https://minutesof.com/q/c7b90370-c001-428b-afdc-c9e23cfb21b2/ “98% of venture capitalists are only looking at AI and they're AI all day long, they don't wanna see another business and and and in the past five weeks, the valuations on the non AI companies have been cut in half and so that mentality is gonna be reinforced even more and so there's just no oxygen.” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 valuations https://minutesof.com/q/1903222d-7b84-4e37-8842-0ccc87468827/ https://minutesof.com/q/1903222d-7b84-4e37-8842-0ccc87468827/ “98% of venture capitalists are only looking at AI and they're AI all day long, they don't wanna see another business and and and in the past five weeks, the valuations on the non AI companies have been cut in half” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 valuations 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 valuations https://minutesof.com/q/4dc34633-e51e-4654-95ca-6745ea363015/ https://minutesof.com/q/4dc34633-e51e-4654-95ca-6745ea363015/ “The S and P 500 stock index has been around for about a century. There have been ninety seven or ninety eight three year periods by definition.” — Howard Marks, Pepperdine University Mon, 02 Mar 2026 19:34:48 +0000 valuations https://minutesof.com/q/54f688b6-7c78-4802-9381-297fb97302ed/ https://minutesof.com/q/54f688b6-7c78-4802-9381-297fb97302ed/ “The period, twenty three four five is for the S and P 500 is, I think, the seventh best three year period out of the last 100. Seventh out of a 100.” — Howard Marks, Brookfield Mon, 23 Feb 2026 18:35:50 +0000 valuations https://minutesof.com/q/7ce74cee-8cdd-4317-ba7e-906edb2dda5a/ https://minutesof.com/q/7ce74cee-8cdd-4317-ba7e-906edb2dda5a/ “They clearly like, you're not funding something at 300,000,000,000 pre, 400, 500,000,000,000 pre if you don't already believe that.” — Bill Gurley, Yahoo Finance Mon, 26 Jan 2026 13:00:06 +0000 valuations https://minutesof.com/q/d4e0a964-c50f-4470-8402-64275db34ef0/ https://minutesof.com/q/d4e0a964-c50f-4470-8402-64275db34ef0/ “So that venture investor that's doing 10 at 300 pre is getting, you know, you know, a tiny percent of this company relative to what people used to get.” — Bill Gurley, Yahoo Finance Mon, 26 Jan 2026 13:00:06 +0000 valuations https://minutesof.com/q/8ab051f4-61d1-4eb1-9a14-e54182681b79/ https://minutesof.com/q/8ab051f4-61d1-4eb1-9a14-e54182681b79/ “I heard just this week about a company that did a seed at a 100 pre and is doing their a for 10,000,000 at 300 pre.” — Bill Gurley, Yahoo Finance Mon, 26 Jan 2026 13:00:06 +0000 valuations https://minutesof.com/q/8e49e679-5d5f-426c-a50f-3c228c0702cc/ https://minutesof.com/q/8e49e679-5d5f-426c-a50f-3c228c0702cc/ “We're almost 17 times forward revenue. Today, we're at at about 4.2 times. So we're at a generational low in terms of the the multiple for software.” — Brad Gerstner, CNBC Television Tue, 06 Jan 2026 18:27:14 +0000 valuations https://minutesof.com/q/865094af-0736-4bbd-97cb-d1cab3cd4010/ https://minutesof.com/q/865094af-0736-4bbd-97cb-d1cab3cd4010/ “That is not the stuff that bubbles are made of. Right? I think the rest of the mag seven all trades somewhere between twenty five and thirty times, maybe met is at 21 times earnings.” — Brad Gerstner, CNBC Television Tue, 02 Dec 2025 14:15:59 +0000 valuations https://minutesof.com/q/f2abcc3b-626a-46a3-b6c9-4ef8408390a6/ https://minutesof.com/q/f2abcc3b-626a-46a3-b6c9-4ef8408390a6/ “I mean, I think the move has been good, the earnings unlike here are still relatively low. I mean, you're, you know, you're talking, you know, low teens versus where we are.” — David Tepper, CNBC Television Thu, 18 Sep 2025 14:00:10 +0000 valuations https://minutesof.com/q/9670f4ca-5b3e-44bf-a674-a7e422907676/ https://minutesof.com/q/9670f4ca-5b3e-44bf-a674-a7e422907676/ “They haven't released a leading edge model, and yet their evaluation's higher than Anthropic today. At least Anthropic's racing, It's Elon, A, and B, they've tackled a problem creatively” — Dylan Patel, No Priors: AI, Machine Learning, Tech, & Startups Thu, 14 Aug 2025 10:01:35 +0000 valuations https://minutesof.com/q/72b574bb-6c89-4f94-955c-823123abab46/ https://minutesof.com/q/72b574bb-6c89-4f94-955c-823123abab46/ “I think that Iconic is going to lead a $5,000,000,000 round into Anthropic at $170,000,000,000 In the case of Anthropic, it's, you know, 170,000,000,000 on rumored $5,000,000,000 in revenue.” — Brad Gerstner, BG2 Pod Thu, 31 Jul 2025 15:11:15 +0000 valuations https://minutesof.com/q/e1996f61-7794-4698-9ecb-e5cc2c369d40/ https://minutesof.com/q/e1996f61-7794-4698-9ecb-e5cc2c369d40/ “So these are a thousand private companies that have raised money over a billion dollars. And Chad GBD told me it was $12.50. NBCA says 900. Let's just say it's near a thousand.” — Bill Gurley, Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 valuations https://minutesof.com/q/7c0a8737-7bf4-4c82-aa47-ba37240db72e/ https://minutesof.com/q/7c0a8737-7bf4-4c82-aa47-ba37240db72e/ “There's somewhere around a thousand. So these are a thousand private companies that have raised money over a billion dollars.” — Bill Gurley, Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 valuations https://minutesof.com/q/5b876599-308a-4784-b36c-5731e44e1cfe/ https://minutesof.com/q/5b876599-308a-4784-b36c-5731e44e1cfe/ “We had one stock which was larger than the market cap of every stock exchange in the world other than Japan. That was not necessarily fundamentals. That was money flow.” — Marc Rowan, Barron's Thu, 22 May 2025 16:38:39 +0000 valuations https://minutesof.com/q/32559c3c-51fa-4cb5-9eb9-31949c173a13/ https://minutesof.com/q/32559c3c-51fa-4cb5-9eb9-31949c173a13/ “I do not believe prices are low. They are lower, but we're still talking about an average PE as a reference in the mid twenties versus 16 over time.” — Marc Rowan, Bloomberg Podcasts Mon, 05 May 2025 14:48:44 +0000 valuations https://minutesof.com/q/9a1f0cc4-ed1c-4f16-b81d-d9460343414c/ https://minutesof.com/q/9a1f0cc4-ed1c-4f16-b81d-d9460343414c/ “If you're private at a 100,000,000 revenue with a 10% growth rate, it's not like you're better off. Like like, you're just fooling yourself.” — Bill Gurley, Bg2 Pod Mon, 06 Jan 2025 21:47:42 +0000 valuations https://minutesof.com/q/724a7042-19ae-4489-95c8-8b64fc6f9da4/ https://minutesof.com/q/724a7042-19ae-4489-95c8-8b64fc6f9da4/ “What percentage of those could raise an up round right now? Yeah. What is the number?” — Bill Gurley, BG2 Pod Thu, 31 Oct 2024 17:46:51 +0000 valuations https://minutesof.com/q/083d2f86-2944-41e6-a0b1-39ec9dd3f24f/ https://minutesof.com/q/083d2f86-2944-41e6-a0b1-39ec9dd3f24f/ “So that's the big thing. The world is normalized. Multiples have normalized. It's not gonna be as easy as it was at the start of '23.” — Brad Gerstner, BG2 Pod Thu, 25 Jan 2024 16:07:19 +0000 valuations https://minutesof.com/q/0a229c1d-848a-4d66-88ce-b009c9b13e94/ https://minutesof.com/q/0a229c1d-848a-4d66-88ce-b009c9b13e94/ “I might point them to my one of my favorite blog posts, keys to the 10x revenue club, because Silicon Valley mostly lives on price to revenue multiples.” — Bill Gurley, Bg2 Pod Thu, 25 Jan 2024 16:05:50 +0000 valuations https://minutesof.com/q/59d40573-9077-4a2a-8ba7-7dbc17de95d2/ https://minutesof.com/q/59d40573-9077-4a2a-8ba7-7dbc17de95d2/ “Yeah. People get overly, focused on this last round valuation thing. Like, it is I can't tell you how many founders I've had a conversation with where it's clear the number one objective in their function about the next financing is to clear the bar of the last round. And it just shouldn't matter that much.” — Bill Gurley, Bg2 Pod Thu, 25 Jan 2024 16:05:50 +0000 valuations https://minutesof.com/q/a3b1ab28-1d05-4f90-a32c-98993e072930/ https://minutesof.com/q/a3b1ab28-1d05-4f90-a32c-98993e072930/ “But, like, the the level of the value that they deliver to the world, if you talk to anyone there, they truly believe it'll be tens of trillions if not hundreds of trillions of dollars.” — Dylan Patel, Latent Space Tue, 05 Dec 2023 18:16:28 +0000 valuations https://minutesof.com/q/cbb5d067-a876-4dec-92a7-d0540518889e/ https://minutesof.com/q/cbb5d067-a876-4dec-92a7-d0540518889e/ “it tends to go up slowly, and it tends to crash immediately. And so this is the third time I've seen valuations crash,” — Bill Gurley, CNBC Television Mon, 11 Sep 2023 16:11:42 +0000 valuations https://minutesof.com/q/88d79bfc-ad80-44da-a9ed-6b843a1bf530/ https://minutesof.com/q/88d79bfc-ad80-44da-a9ed-6b843a1bf530/ “anybody who does an IPO today, okay, is going to demand a, you know, a rate of return into that offering that is a significant margin of safety relative to all deals that were done in 2021.” — Brad Gerstner, All-In Podcast Fri, 16 Jun 2023 20:55:00 +0000 valuations https://minutesof.com/q/97cdae8f-ade0-400e-adff-ed2f3244733e/ https://minutesof.com/q/97cdae8f-ade0-400e-adff-ed2f3244733e/ “Then I'm not the only one, there's other VC's getting, this is normal dude. Like that was a fantasy you were in and you need to forget it fast, but you can't.” — Bill Gurley, Tim Ferriss Thu, 26 Jan 2023 19:45:00 +0000 valuations https://minutesof.com/q/b0404e93-1b53-4de4-a6a0-3792a4de5791/ https://minutesof.com/q/b0404e93-1b53-4de4-a6a0-3792a4de5791/ “A lot of very good companies have been de rated 70% without a whole lot of change in fundamentals.” — Stanley Druckenmiller, René Sellmann Thu, 16 Jun 2022 15:02:21 +0000 valuations https://minutesof.com/q/ac0f21aa-d91a-4b2b-8e67-6fdd86f552dd/ https://minutesof.com/q/ac0f21aa-d91a-4b2b-8e67-6fdd86f552dd/ “majority of companies that come public in the next twelve months are going out below their last” — Brad Gerstner, All-In Podcast Sat, 26 Mar 2022 05:49:32 +0000 valuations https://minutesof.com/q/56c97d0f-9724-4b6e-8f61-35db6a397235/ https://minutesof.com/q/56c97d0f-9724-4b6e-8f61-35db6a397235/ “That's why for the first time ever, for a long time, I forget the exact numbers, but you never had a cybersecurity outcome over 20,000,000,000.” — Gavin Baker, Invest Like the Best Tue, 25 Jan 2022 09:00:00 +0000 valuations https://minutesof.com/q/ddd77965-12cd-422a-9ef7-5f9c8c50a99b/ https://minutesof.com/q/ddd77965-12cd-422a-9ef7-5f9c8c50a99b/ “I would say probably the average tech or consumer oriented growth stock that's below a $100,000,000,000 in market cap is probably somewhere between 40 and 65 percent off its all time high.” — Gavin Baker, Invest Like the Best Tue, 25 Jan 2022 09:00:00 +0000 valuations https://minutesof.com/q/98a81965-4579-4224-bbf8-c90f072e0373/ https://minutesof.com/q/98a81965-4579-4224-bbf8-c90f072e0373/ “Add into that a roaring, screaming public market that's been on a bull run for, what, twelve years? And multiples in the public markets, especially in, the SaaS world that are out of this world.” — Bill Gurley, Axios Wed, 18 Aug 2021 17:10:45 +0000 valuations https://minutesof.com/q/87b07694-930e-4e47-a008-121e7f06003d/ https://minutesof.com/q/87b07694-930e-4e47-a008-121e7f06003d/ “I was looking at some of the stocks that are outliers on price to sales and lemonade, unity and Palantir, which have come in 60% are still at 20 times over sales.” — Bill Gurley, CNBC Television Wed, 12 May 2021 16:26:01 +0000 valuations https://minutesof.com/q/f686692d-04c2-44c6-bc38-135e7cb0e021/ https://minutesof.com/q/f686692d-04c2-44c6-bc38-135e7cb0e021/ “What it has been slow in pricing in is how dramatically different the arc will be for many of these digital businesses. I remember having conversations with Rich and many others in May.” — Brad Gerstner, Invest Like the Best Tue, 27 Oct 2020 09:30:00 +0000 valuations https://minutesof.com/q/daf435a6-e8cc-452a-8dee-a5b76a1ce075/ https://minutesof.com/q/daf435a6-e8cc-452a-8dee-a5b76a1ce075/ “If you look at the multiple expansion that's occurred, it's almost the identical mirror image of the multiple contraction that occurred in the fall of twenty eighteen.” — Brad Gerstner, Invest Like the Best Tue, 27 Oct 2020 09:30:00 +0000 valuations https://minutesof.com/q/8c4b062a-9459-4d8b-907f-8d77313b6412/ https://minutesof.com/q/8c4b062a-9459-4d8b-907f-8d77313b6412/ “We started the year in our gross software index at 11 times. Now we're at about 14 and a half times two year forward.” — Brad Gerstner, Invest Like the Best Tue, 27 Oct 2020 09:30:00 +0000 valuations https://minutesof.com/q/64fcaa5d-d009-4d3a-aba6-3d2b9a72e56e/ https://minutesof.com/q/64fcaa5d-d009-4d3a-aba6-3d2b9a72e56e/ “I feel obliged to do that. We started the year in our gross software index at 11 times. Now we're at about 14 and a half times two year forward.” — Brad Gerstner, Invest Like the Best Tue, 27 Oct 2020 09:30:00 +0000 valuations https://minutesof.com/q/c210d6f2-8837-42d5-b740-5e5cc79d99da/ https://minutesof.com/q/c210d6f2-8837-42d5-b740-5e5cc79d99da/ “But the fact of the matter is because of AWS, GCP and Azure, software companies are scaling faster” — Brad Gerstner, Invest Like the Best Tue, 23 Jun 2020 09:30:00 +0000 valuations https://minutesof.com/q/dc7ea89e-1745-4529-8faa-351e52b54975/ https://minutesof.com/q/dc7ea89e-1745-4529-8faa-351e52b54975/ “I would say on a couple of fronts, the late stage private market continues to be the most frothy thing I've seen since the late '90s.” — Bill Gurley, TechCrunch Mon, 29 Apr 2013 15:27:35 +0000 valuations https://minutesof.com/q/93f3886c-2578-413e-b571-6695b6251de4/ https://minutesof.com/q/93f3886c-2578-413e-b571-6695b6251de4/ “And so if you have a killer product that might elicit a $30,000,000 exit and you can bootstrap and hustle your way and own 80% of it, you know, 80% of 30,000,000 is $24,000,000.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:49:11 +0000 valuations https://minutesof.com/q/fb42d77b-29e0-40e4-859c-c7fc2b76b6c4/ https://minutesof.com/q/fb42d77b-29e0-40e4-859c-c7fc2b76b6c4/ “The number one type of acquisition that the big companies like to do is twenty to seventy million dollars and the minute you take venture, they help you raise the B and all of a sudden everyone's expectation is it's got to be 150 or more or we're not saying yes.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:49:11 +0000 valuations https://minutesof.com/q/2eca078a-cb1a-4a09-881b-1c065c3f202d/ https://minutesof.com/q/2eca078a-cb1a-4a09-881b-1c065c3f202d/ “These these might be these might be the least informed investment actions in in our history.” — Bill Gurley, Bloomberg Originals Fri, 23 Mar 2012 16:15:50 +0000 valuations https://minutesof.com/q/eb0aae37-546e-401d-9f11-b639e7e6f6b6/ https://minutesof.com/q/eb0aae37-546e-401d-9f11-b639e7e6f6b6/ “I don't see any reason why a company that's heavy on marketing will get the same kind of multiple as someone with an organic customer base.” — Bill Gurley, Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 valuations