{"id":926,"date":"2023-01-26T13:20:12","date_gmt":"2023-01-26T17:20:12","guid":{"rendered":"http:\/\/parmaks.com\/Resources\/legendary-investor-bill-gurley-on-investing-rules-finding-outliers-insights-from-jeff-bezos-and-howard-marks-must-read-books-creating-true-competitive-advantages-open-source-strategies-adapting\/"},"modified":"2023-01-26T13:20:12","modified_gmt":"2023-01-26T17:20:12","slug":"legendary-investor-bill-gurley-on-investing-rules-finding-outliers-insights-from-jeff-bezos-and-howard-marks-must-read-books-creating-true-competitive-advantages-open-source-strategies-adapting","status":"publish","type":"post","link":"https:\/\/parmaks.com\/Resources\/legendary-investor-bill-gurley-on-investing-rules-finding-outliers-insights-from-jeff-bezos-and-howard-marks-must-read-books-creating-true-competitive-advantages-open-source-strategies-adapting\/","title":{"rendered":"Legendary Investor Bill Gurley on Investing Rules, Finding Outliers, Insights from Jeff Bezos and Howard Marks, Must-Read Books, Creating True Competitive Advantages, Open-Source Strategies, Adapting Mental Models to New Realities, and More (#651)"},"content":{"rendered":"<p> <a href=\"https:\/\/hop.clickbank.net\/?affiliate=infohatch&amp;vendor=J1R2C\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-10614 aligncenter\" src=\"http:\/\/parmaks.com\/Resources\/wp-content\/uploads\/2025\/05\/profit-gen400px.png\" alt=\"Profit Gen\" width=\"400\" height=\"217\" srcset=\"https:\/\/parmaks.com\/Resources\/wp-content\/uploads\/2025\/05\/profit-gen400px.png 400w, https:\/\/parmaks.com\/Resources\/wp-content\/uploads\/2025\/05\/profit-gen400px-300x163.png 300w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><br \/>\n<\/p>\n<div>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"480\" alt=\"\" class=\"wp-image-66209 jetpack-lazy-image\" data-recalc-dims=\"1\" srcset=\"https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration-scaled.jpeg?resize=1024%2C819&amp;ssl=1 1024w, https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration-scaled.jpeg?resize=300%2C240&amp;ssl=1 300w, https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration-scaled.jpeg?resize=768%2C614&amp;ssl=1 768w, https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration-scaled.jpeg?resize=1536%2C1229&amp;ssl=1 1536w, https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration-scaled.jpeg?resize=2048%2C1638&amp;ssl=1 2048w, https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration-scaled.jpeg?w=1200&amp;ssl=1 1200w, https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration-scaled.jpeg?w=1800&amp;ssl=1 1800w\" data-lazy-sizes=\"(max-width: 767px) 90vw, 600px\" src=\"https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration.jpeg?resize=600%2C480&amp;is-pending-load=1#038;ssl=1\"\/><noscript><img loading=\"lazy\" data-lazy-fallback=\"1\" decoding=\"async\" width=\"600\" height=\"480\" src=\"https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration.jpeg?resize=600%2C480&amp;ssl=1\" alt=\"\" class=\"wp-image-66209\" srcset=\"https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration-scaled.jpeg?resize=1024%2C819&amp;ssl=1 1024w, https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration-scaled.jpeg?resize=300%2C240&amp;ssl=1 300w, https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration-scaled.jpeg?resize=768%2C614&amp;ssl=1 768w, https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration-scaled.jpeg?resize=1536%2C1229&amp;ssl=1 1536w, https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration-scaled.jpeg?resize=2048%2C1638&amp;ssl=1 2048w, https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration-scaled.jpeg?w=1200&amp;ssl=1 1200w, https:\/\/i0.wp.com\/tim.blog\/wp-content\/uploads\/2023\/01\/Bill-Gurley-Illustration-scaled.jpeg?w=1800&amp;ssl=1 1800w\" sizes=\"auto, (max-width: 767px) 90vw, 600px\" data-recalc-dims=\"1\"\/><\/noscript><figcaption class=\"wp-element-caption\">Illustration via <a href=\"http:\/\/99designs.com\/tim\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">99designs<\/a><\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote\">\n<p><strong><strong><strong><strong>\u201cThe minute you set a very hard rule, you might be setting yourself up for a mistake. And venture, I have found, is a world where that happens frequently.\u201d<\/strong><\/strong><\/strong><\/strong><\/p>\n<p><cite>\u2014\u00a0Bill Gurley<\/cite><\/p><\/blockquote>\n<p><strong>Bill Gurley<\/strong> (<a href=\"https:\/\/twitter.com\/bgurley\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">@bgurley<\/a>) has spent more than 20 years as a general partner at Benchmark. Before entering the venture capital business, Bill spent four years on Wall Street as a top-ranked research analyst, including three years at Credit Suisse First Boston.<\/p>\n<p>Bill also maintains a blog on the evolution and economics of high-technology businesses called <a href=\"http:\/\/abovethecrowd.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Above the Crowd<\/a>.<\/p>\n<p>Over his venture career, he has worked with such companies as <a href=\"http:\/\/www.grubhub.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">GrubHub<\/a>, <a href=\"https:\/\/nextdoor.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Nextdoor<\/a>, <a href=\"http:\/\/www.opentable.com\/san-francisco-restaurants\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">OpenTable<\/a>, <a href=\"http:\/\/www.stitchfix.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Stitch Fix<\/a>, <a href=\"https:\/\/www.uber.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Uber<\/a>, and <a href=\"http:\/\/www.zillow.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Zillow<\/a>.<\/p>\n<p>Bill has a BS in computer science from the University of Florida and an MBA from the University of Texas. He is also a chartered financial analyst. Bill is a board trustee at the Santa Fe Institute, a research and education center focused on the study and understanding of complex adaptive systems.<\/p>\n<p>Please enjoy!<\/p>\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio\"><strong><em><strong><em>Listen to the episode on <a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/651-legendary-investor-bill-gurley-on-investing-rules\/id863897795?i=1000596612987\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Apple Podcasts<\/a>, <a href=\"https:\/\/open.spotify.com\/episode\/3kuqnHcJpj0vNLTzHq7OWd?si=s0JA0lj7QUKk6p-Ea4xv7Q\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">Spotify<\/a>, <a href=\"https:\/\/overcast.fm\/+KebvqH57g\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Overcast<\/a>, <a href=\"https:\/\/podcastaddict.com\/podcast\/2031148#\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Podcast Addict<\/a>, <a href=\"https:\/\/pca.st\/timferriss\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Pocket Casts<\/a>, <a href=\"https:\/\/castbox.fm\/channel\/id1059468?country=us\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Castbox<\/a>, <a href=\"https:\/\/podcasts.google.com\/?feed=aHR0cHM6Ly9yc3MuYXJ0MTkuY29tL3RpbS1mZXJyaXNzLXNob3c&amp;ved=0CAAQ4aUDahcKEwjI_ezXzuDnAhUAAAAAHQAAAAAQAQ\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Google Podcasts<\/a>, <a href=\"https:\/\/www.stitcher.com\/show\/the-tim-ferriss-show\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Stitcher<\/a>, <strong><em><strong><em><a href=\"https:\/\/music.amazon.com\/podcasts\/9814f3cc-1dc5-4003-b816-44a8eb6bf666\/the-tim-ferriss-show\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Amazon Music<\/a>,\u00a0<\/em><\/strong><\/em><\/strong>or on your favorite podcast platform<\/em><\/strong>. <\/em><\/strong><\/p>\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio\"><em><strong><strong><em><strong><em><strong><em>Brought to you by\u00a0<\/em><\/strong><a href=\"https:\/\/protekt.com\/tim\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\"><strong><em>Protekt\u2019s REST<\/em><\/strong><\/a><strong><em>\u00a0sleep supplement,\u00a0<\/em><\/strong><a href=\"http:\/\/athleticgreens.com\/tim\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\"><strong><em>Athletic Greens\u2019s AG1<\/em><\/strong><\/a><strong><em>\u00a0all-in-one nutritional supplement, and\u00a0<\/em><\/strong><a href=\"http:\/\/shopify.com\/tim\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\"><strong><em>Shopify<\/em><\/strong><\/a><strong><em>\u00a0global commerce platform providing tools to start, grow, market, and manage a retail business.\u00a0<\/em><\/strong><\/em><\/strong><\/em><\/strong><\/strong><\/em><\/p>\n<p><em>The transcript of this episode\u00a0<a href=\"https:\/\/tim.blog\/2023\/01\/25\/bill-gurley-transcript\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-wpel-link=\"internal\">can be found here<\/a>. Transcripts of all episodes\u00a0<a href=\"https:\/\/tim.blog\/2018\/09\/20\/all-transcripts-from-the-tim-ferriss-show\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-wpel-link=\"internal\">can be found here<\/a>.<\/em><\/p>\n<div class=\"wp-block-tim-podcast-link-main podcast-block wp-embed-aspect-16-9 wp-has-aspect-ratio\"><a class=\"podcast-block__link\" target=\"_blank\" rel=\"noopener noreferrer nofollow external\" href=\"https:\/\/podcasts.apple.com\/us\/podcast\/651-legendary-investor-bill-gurley-on-investing-rules\/id863897795?i=1000596612987\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"podcast-block__link-icon jetpack-lazy-image\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/tim.blog\/wp-content\/themes\/timferriss\/inc\/blocks\/podcast-link\/images\/apple-podcast.png?w=600&amp;is-pending-load=1#038;ssl=1\" srcset=\"https:\/\/tim.blog\/data:image\/gif;base64,https:\/\/tim.blog\/R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\"\/><noscript><img data-lazy-fallback=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/tim.blog\/wp-content\/themes\/timferriss\/inc\/blocks\/podcast-link\/images\/apple-podcast.png?w=600&amp;ssl=1\" class=\"podcast-block__link-icon\" data-recalc-dims=\"1\"\/><\/noscript><span class=\"podcast-block__link-text-top\">Listen on<\/span><span class=\"podcast-block__link-text\">Apple Podcasts<\/span><\/a><\/div>\n<div class=\"wp-block-tim-podcast-link-main podcast-block wp-embed-aspect-16-9 wp-has-aspect-ratio\"><a class=\"podcast-block__link\" target=\"_blank\" rel=\"noopener noreferrer nofollow external\" href=\"https:\/\/open.spotify.com\/episode\/3kuqnHcJpj0vNLTzHq7OWd?si=s0JA0lj7QUKk6p-Ea4xv7Q\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"podcast-block__link-icon jetpack-lazy-image\" src=\"https:\/\/tim.blog\/wp-content\/themes\/timferriss\/inc\/blocks\/podcast-link\/images\/spotify.svg?is-pending-load=1\" srcset=\"https:\/\/tim.blog\/data:image\/gif;base64,https:\/\/tim.blog\/R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\"\/><noscript><img data-lazy-fallback=\"1\" decoding=\"async\" src=\"https:\/\/tim.blog\/wp-content\/themes\/timferriss\/inc\/blocks\/podcast-link\/images\/spotify.svg\" class=\"podcast-block__link-icon\"\/><\/noscript><span class=\"podcast-block__link-text-top\">Listen on<\/span><span class=\"podcast-block__link-text\">Spotify<\/span><\/a><\/div>\n<div class=\"wp-block-tim-podcast-link-main podcast-block wp-embed-aspect-16-9 wp-has-aspect-ratio\"><a class=\"podcast-block__link\" target=\"_blank\" rel=\"noopener noreferrer nofollow external\" href=\"https:\/\/overcast.fm\/+KebvqH57g\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"podcast-block__link-icon jetpack-lazy-image\" src=\"https:\/\/tim.blog\/wp-content\/themes\/timferriss\/inc\/blocks\/podcast-link\/images\/overcast.svg?is-pending-load=1\" srcset=\"https:\/\/tim.blog\/data:image\/gif;base64,https:\/\/tim.blog\/R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\"\/><noscript><img data-lazy-fallback=\"1\" decoding=\"async\" src=\"https:\/\/tim.blog\/wp-content\/themes\/timferriss\/inc\/blocks\/podcast-link\/images\/overcast.svg\" class=\"podcast-block__link-icon\"\/><\/noscript><span class=\"podcast-block__link-text-top\">Listen on<\/span><span class=\"podcast-block__link-text\">Overcast<\/span><\/a><\/div>\n<div class=\"podcast-player\">\n<div class=\"podcast-player-inner-wrap\">\n<p>#651: Legendary Investor Bill Gurley on Investing Rules, Finding Outliers, Insights from Jeff Bezos and Howard Marks, Must-Read Books, Creating True Competitive Advantages, Open-Source Strategies, Adapting Mental Models to New Realities, and More<\/p>\n<p><noscript><iframe src=\"https:\/\/www.art19.com\/shows\/58dacbdc-646e-4585-9914-19c3de11d1ba\/episodes\/b40d5b98-f215-42fc-8b67-446d540ff94c\/embed?type=micro\" style=\"width: 100%; height: 30px; border: 0 none;\" scrolling=\"no\"><\/iframe><\/noscript><\/div>\n<\/div>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p><strong>This episode is brought to you by <a href=\"https:\/\/protekt.com\/Tim\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">Protekt\u2019s REST supplement<\/a>!<\/strong> Protekt\u2019s <a href=\"https:\/\/protekt.com\/Tim\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">REST<\/a> is a new take on getting deeper, more restorative sleep. Protekt\u2019s REST supplement helps <strong>provide consistent, restful sleep<\/strong> without any habit-forming ingredients or groggy side effects. Simply add it to your last glass of water before bed, and it goes to work.<\/p>\n<p>REST has no added sugars, artificial sweeteners, or artificial ingredients. Protekt is veteran-owned, and they make all of their products right here in the USA. <strong>Protekt is offering you <a href=\"https:\/\/protekt.com\/Tim\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">30% off<\/a> both flavors of their REST formula! <a href=\"https:\/\/protekt.com\/Tim\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">Visit Protekt.com\/Tim to claim this special offer today and use code TIM at checkout<\/a>.<\/strong><\/p>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p><strong>This episode is brought to you by\u00a0<\/strong><a href=\"http:\/\/shopify.com\/tim\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\"><strong>Shopify<\/strong><\/a><strong>!\u00a0<\/strong><a href=\"http:\/\/shopify.com\/tim\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Shopify<\/a>\u00a0is one of my favorite platforms and one of my favorite companies.\u00a0<a href=\"http:\/\/shopify.com\/tim\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Shopify<\/a>\u00a0is<strong> designed for anyone to sell anywhere<\/strong>, giving entrepreneurs the resources once reserved for big business. In no time flat, you can have a great-looking online store that brings your ideas to life, and you can have the tools to manage your day-to-day and drive sales. No coding or design experience required.<\/p>\n<p><strong>Go to\u00a0<\/strong><a href=\"http:\/\/shopify.com\/tim\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\"><strong>shopify.com\/Tim<\/strong><\/a><strong>\u00a0to sign up for a one-dollar-per-month trial period. It\u2019s a great deal for a great service, so I encourage you to check it out. Take your business to the next level today by visiting\u00a0<\/strong><a href=\"http:\/\/shopify.com\/tim\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\"><strong>shopify.com\/Tim<\/strong><\/a><strong>.<\/strong><\/p>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p><strong>This episode is brought to you by\u00a0<\/strong><a rel=\"noreferrer noopener nofollow external\" href=\"https:\/\/www.athleticgreens.com\/tim\" target=\"_blank\" data-wpel-link=\"external\"><strong>Athletic Greens<\/strong><\/a><strong>.<\/strong>\u00a0I get asked all the time, \u201cIf you could use only one supplement, what would it be?\u201d My answer is usually\u00a0<a rel=\"noreferrer noopener nofollow external\" href=\"https:\/\/www.athleticgreens.com\/tim\" target=\"_blank\" data-wpel-link=\"external\">AG1<\/a> by <a rel=\"noreferrer noopener nofollow external\" href=\"https:\/\/www.athleticgreens.com\/tim\" target=\"_blank\" data-wpel-link=\"external\">Athletic\u00a0Greens<\/a>, my all-in-one nutritional insurance. I recommended it in\u00a0<em>The 4-Hour Body<\/em>\u00a0in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but\u00a0<a rel=\"noreferrer noopener nofollow external\" href=\"https:\/\/www.athleticgreens.com\/tim\" target=\"_blank\" data-wpel-link=\"external\">AG<\/a>\u00a0further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system.\u00a0<\/p>\n<p><strong>Right now,\u00a0<\/strong><a href=\"https:\/\/www.athleticgreens.com\/tim\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\"><strong>Athletic Greens<\/strong><\/a><strong>\u00a0is offering you their Vitamin D Liquid Formula free with your first subscription purchase<\/strong>\u2014a vital nutrient for a strong immune system and strong bones.\u00a0<strong>Visit\u00a0<\/strong><a href=\"https:\/\/www.athleticgreens.com\/tim\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\"><strong>AthleticGreens.com\/Tim<\/strong><\/a><strong>\u00a0to claim this special offer today and receive the free Vitamin D Liquid Formula (and 10 free travel packs) with your first subscription purchase!\u00a0<\/strong>That\u2019s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.<\/p>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p><strong><strong><strong><strong><strong><strong><strong>Want to hear <a href=\"https:\/\/tim.blog\/2020\/05\/11\/howard-marks-2\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-wpel-link=\"internal\">another podcast episode<\/a> with a world-class investor?<\/strong> <\/strong><\/strong><\/strong><\/strong><\/strong><\/strong>Have a listen to my most recent conversation with Oaktree Capital Management\u2019s co-founder <a href=\"https:\/\/tim.blog\/2020\/05\/11\/howard-marks-2\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-wpel-link=\"internal\">Howard Marks<\/a>, in which we discussed navigating unprecedented uncertainties, crowded versus uncrowded opportunities, the state of the American economy, finding higher-signal sources of information, <a href=\"https:\/\/tim.blog\/2020\/05\/11\/howard-marks-2\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-wpel-link=\"internal\">and much more<\/a>.<\/p>\n<div class=\"podcast-player\">\n<div class=\"podcast-player-inner-wrap\">\n<p>#431: Howard Marks on the US Dollar, Three Ways to Add Defense, and Good Questions<\/p>\n<p><noscript><iframe src=\"https:\/\/www.art19.com\/shows\/58dacbdc-646e-4585-9914-19c3de11d1ba\/episodes\/679391c5-c2db-4640-af95-710dc3afd09e\/embed?type=micro\" style=\"width: 100%; height: 30px; border: 0 none;\" scrolling=\"no\"><\/iframe><\/noscript><\/div>\n<\/div>\n<p><strong>What was your favorite quote or lesson from this episode? Please let me know <a href=\"https:\/\/tim.blog\/2023\/01\/25\/bill-gurley\/#respond\">in the comments<\/a>.<\/strong><\/p>\n<p><strong>SCROLL BELOW FOR LINKS AND SHOW NOTES\u2026<\/strong><\/p>\n<p><span id=\"more-66206\"\/><\/p>\n<h3 class=\"wp-block-heading\">SELECTED LINKS FROM THE EPISODE<\/h3>\n<ul>\n<li>Connect with <strong>Bill Gurley<\/strong>:<\/li>\n<\/ul>\n<p class=\"has-text-align-center\"><a href=\"https:\/\/twitter.com\/bgurley\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Twitter<\/a> | <a href=\"http:\/\/www.linkedin.com\/in\/billgurley\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">LinkedIn<\/a><\/p>\n<ul>\n<li><a href=\"https:\/\/abovethecrowd.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\"><strong>Above the Crowd<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/www.benchmark.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\"><strong>Benchmark<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Competitive-Strategy-Techniques-Industries-Competitors\/dp\/0684841487\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Competitive Strategy: Techniques for Analyzing Industries and Competitors by Michael E. Porter | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/medium.com\/texas-mccombs-news\/venture-capitalist-bill-gurley-975e59758592\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">An Interview with Venture Capitalist Bill Gurley, MBA \u201993 by Texas McCombs | Medium<\/a><\/li>\n<li><a href=\"https:\/\/www.investopedia.com\/articles\/financialcareers\/11\/sell-side-buy-side-analysts.asp\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Buy-Side vs. Sell-Side Analysts: What\u2019s the Difference? | Investopedia<\/a><\/li>\n<li><a href=\"https:\/\/www.nytimes.com\/2001\/03\/04\/business\/buy-was-cry-as-stock-bubble-burst.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">\u2018Buy!\u2019 Was Cry, as Stock Bubble Burst | The New York Times<\/a><\/li>\n<li><a href=\"https:\/\/www.institutionalinvestor.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Institutional Investor<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/One-Up-Wall-Street-Already\/dp\/0743200403\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">One Up On Wall Street: How To Use What You Already Know To Make Money In The Market by Peter Lynch | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Random-Walk-Down-Wall-Street\/dp\/0393358380\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing by Burton G. Malkiel | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.oaktreecapital.com\/insights\/memo\/i-beg-to-differ\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">I Beg to Differ by Howard Marks | Oaktree Capital<\/a><\/li>\n<li><a href=\"https:\/\/www.psychologytoday.com\/us\/blog\/work-matters\/201002\/strong-opinions-weakly-held-wisdom-the-courage-act-your-knowledge-and-the\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Strong Opinions, Weakly Held: Wisdom as the Courage to Act On Your Knowledge and the Humility to Doubt What You Know | Psychology Today<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Rational-Optimist-Prosperity-Evolves-P-s\/dp\/0061452068\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The Rational Optimist: How Prosperity Evolves by Matt Ridley | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.oaktreecapital.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Oaktree Capital Management<\/a><\/li>\n<li><a href=\"https:\/\/www.investopedia.com\/articles\/investing\/052616\/microeconomics-vs-macroeconomics-which-more-useful-investment.asp\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Microeconomics vs. Macroeconomics Investments<\/a><\/li>\n<li><a href=\"https:\/\/www.santafe.edu\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Santa Fe Institute<\/a><\/li>\n<li><a href=\"https:\/\/www.institutionalinvestor.com\/article\/b20cbyx7zdl9k1\/The-2022-All-America-Research-Team\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The 2022 All-America Research Team | Institutional Investor<\/a><\/li>\n<li><a href=\"https:\/\/www.fastcompany.com\/90246716\/palms-progress-the-rise-fall-and-rebirth-of-a-legendary-brand\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The Rise, Fall, and Rebirth of Palm | Fast Company<\/a><\/li>\n<li><a href=\"https:\/\/substack.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The Home for Great Writing | Substack<\/a><\/li>\n<li><a href=\"https:\/\/www.investopedia.com\/terms\/r\/returnoninvestmentcapital.asp\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Return on Invested Capital: What Is It, Formula and Calculation, and Example | Investopedia<\/a><\/li>\n<li><a href=\"https:\/\/www.sternstewartinstitute.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The Stern Stewart Institute<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Valuation-Measuring-Managing-Companies-Finance\/dp\/1119611865\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Valuation: Measuring and Managing the Value of Companies by Tim Koller, Marc Goedhart, and David Wessels | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Think-Twice-Harnessing-Power-Counterintuition\/dp\/1422187381\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Think Twice: Harnessing the Power of Counterintuition by Michael J. Mauboussin | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.berkshirehathaway.com\/letters\/letters.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Warren Buffett\u2019s Shareholder Letters | Berkshire Hathaway<\/a><\/li>\n<li><a href=\"https:\/\/en.wikipedia.org\/wiki\/Myers%E2%80%93Briggs_Type_Indicator\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Myers\u2013Briggs Type Indicator | Wikipedia<\/a><\/li>\n<li><a href=\"https:\/\/www.vox.com\/2016\/9\/28\/13095682\/bill-gurley-benchmark-bubble-uber-recode-decode-podcast-transcript\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Full Transcript: Benchmark General Partner Bill Gurley on Recode Decode | Vox<\/a><\/li>\n<li><a href=\"https:\/\/hbr.org\/1996\/07\/increasing-returns-and-the-new-world-of-business\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Increasing Returns and the New World of Business by W. Brian Arthur | HBR<\/a><\/li>\n<li><a href=\"https:\/\/online.hbs.edu\/blog\/post\/what-are-network-effects\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">What Are Network Effects? | HBS Online<\/a><\/li>\n<li><a href=\"https:\/\/www.eater.com\/2014\/6\/13\/6207641\/opentable-by-the-numbers-from-launch-to-2-6-billion\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">OpenTable By the Numbers: From Launch to $2.6 Billion | Eater<\/a><\/li>\n<li><a href=\"https:\/\/abovethecrowd.com\/1999\/07\/12\/the-rising-impact-of-open-source\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The Rising Impact of Open Source | Above the Crowd<\/a><\/li>\n<li><a href=\"https:\/\/abovethecrowd.com\/2009\/10\/29\/google-redefines-disruption-the-less-than-free-business-model\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Google Redefines Disruption: The \u201cLess Than Free\u201d Business Model | Above the Crowd<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Innovators-Dilemma-Technologies-Management-Innovation\/dp\/1633691780\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The Innovator\u2019s Dilemma: When New Technologies Cause Great Firms to Fail by Clayton M. Christensen | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Crossing-Chasm-3rd-Disruptive-Mainstream\/dp\/0062292986\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Crossing the Chasm: Marketing and Selling Disruptive Products to Mainstream Customers by Geoffrey A. Moore | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.youtube.com\/watch?v=e754y5dis00\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Sheryl Sandberg: We\u2019ve Paid Hackers Millions to Find Security Bugs | Fortune MPW<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/General-Magic-Tony-Fadell\/dp\/B07WYBWDBP\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">General Magic (Documentary) | Prime Video<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Startup-Silicon-Adventure-Jerry-Kaplan\/dp\/0140257314\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Startup: A Silicon Valley Adventure by Jerry Kaplan | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Jodorowskys-Dune-Chris-Foss\/dp\/B00KRIYI3K\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Jodorowsky\u2019s Dune | Prime Video<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Alien-4K-UHD-Tom-Skerritt\/dp\/B08GS85927\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Alien | Prime Video<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Aliens-Sigourney-Weaver\/dp\/B00A2WM4XW\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Aliens | Prime Video<\/a><\/li>\n<li><a href=\"https:\/\/tim.blog\/2019\/12\/23\/tony-fadell\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-wpel-link=\"internal\">Tony Fadell \u2014 On Building the iPod, iPhone, Nest, and a Life of Curiosity | The Tim Ferriss Show #403<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Build-Unorthodox-Guide-Making-Things\/dp\/0063046067\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Build: An Unorthodox Guide to Making Things Worth Making by Tony Fadell | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Shoe-Dog-Memoir-Creator-Nike\/dp\/1501135910\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Shoe Dog: A Memoir by the Creator of Nike by Phil Knight | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Open-Autobiography-Andre-Agassi\/dp\/0307388409\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Open: An Autobiography by Andre Agassi | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Spare-Prince-Harry-Duke-Sussex\/dp\/0593593804\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Spare by Prince Harry The Duke of Sussex | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/How-Innovation-Works-Flourishes-Freedom\/dp\/0062916602\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">How Innovation Works: And Why It Flourishes in Freedom by Matt Ridley | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/qz.com\/494289\/is-xi-now-chinas-most-powerful-leader-since-deng-xiaoping-after-the-wwii-parade\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Can Xi Jinping Live Up to the Legacy of China\u2019s Greatest Modern Reformer, Deng Xiaoping? | Quartz<\/a><\/li>\n<li><a href=\"https:\/\/www.bbc.com\/news\/business-32028693\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">How Lee Kuan Yew Engineered Singapore\u2019s Economic Miracle | BBC News<\/a><\/li>\n<li><a href=\"https:\/\/automattic.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">We Are Passionate about Making the Web a Better Place | Automattic<\/a><\/li>\n<li><a href=\"https:\/\/www.linux.org\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Linux<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Cathedral-Bazaar-Musings-Accidental-Revolutionary\/dp\/0596001088\/\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The Cathedral &amp; the Bazaar: Musings on Linux and Open Source by an Accidental Revolutionary by Eric S. Raymond | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/sagradafamilia.org\/en\/history-of-the-temple\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">History of the Temple | Sagrada Fam\u00edlia<\/a><\/li>\n<li><a href=\"https:\/\/www.mysql.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">MySQL<\/a><\/li>\n<li><a href=\"https:\/\/www.mongodb.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The Developer Data Platform | MongoDB<\/a><\/li>\n<li><a href=\"https:\/\/www.elastic.co\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Creators of Elasticsearch &amp; Kibana | Elastic<\/a><\/li>\n<li><a href=\"https:\/\/www.androidauthority.com\/history-android-os-name-789433\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Android History: The Evolution of the Biggest Mobile OS in the World | Android Authority<\/a><\/li>\n<li><a href=\"https:\/\/www.opencompute.org\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The Open Compute Project (OCP)<\/a><\/li>\n<li><a href=\"https:\/\/rethinkresearch.biz\/articles\/linux-foundation-claims-5g-nfv-first-based-on-china-mobile-code\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Linux Foundation Claims 5G NFV First, Based on China Mobile Code | Rethink<\/a><\/li>\n<li><a href=\"https:\/\/abovethecrowd.com\/2009\/06\/08\/amazons-aws-strategy-becomes-clearer-every-day\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Amazon\u2019s AWS Strategy Becomes Clearer Every Day | Above the Crowd<\/a><\/li>\n<li><a href=\"https:\/\/kubernetes.io\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Production-Grade Container Orchestration | Kubernetes<\/a><\/li>\n<li><a href=\"https:\/\/www.docker.com\/resources\/what-container\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">What is a Container? | Docker<\/a><\/li>\n<li><a href=\"https:\/\/www.openstreetmap.org\/#map=5\/38.007\/-95.844\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">OpenStreetMap<\/a><\/li>\n<li><a href=\"https:\/\/www.hotosm.org\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Humanitarian OpenStreetMap Team<\/a><\/li>\n<li><a href=\"https:\/\/www.ted.com\/talks\/matt_ridley_when_ideas_have_sex?language=en\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Matt Ridley: When Ideas Have Sex | TEDGlobal 2010<\/a><\/li>\n<li><a href=\"https:\/\/riscv.org\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">RISC-V International<\/a><\/li>\n<li><a href=\"https:\/\/www.autoware.org\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Open Source for Autonomous Driving | The Autoware Foundation<\/a><\/li>\n<li><a href=\"https:\/\/www.youtube.com\/watch?v=2-QhRCXWRjE\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Matt Suppes: Open Source Nuclear Fusion | Life Conference<\/a><\/li>\n<li><a href=\"https:\/\/en.wikipedia.org\/wiki\/Interest_graph\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Interest Graph | Wikipedia<\/a><\/li>\n<li><a href=\"https:\/\/twitter.com\/bgurley\/status\/1520111743942418434\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">\u201cAn Entire Generation\u2026\u201d | Bill Gurley, Twitter<\/a><\/li>\n<li><a href=\"https:\/\/twitter.com\/bgurley\/status\/1520111745091706880\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">\u201cForget Those Prices Happened.\u201d | Bill Gurley, Twitter<\/a><\/li>\n<li><a href=\"https:\/\/abovethecrowd.com\/2011\/05\/24\/all-revenue-is-not-created-equal-the-keys-to-the-10x-revenue-club\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">All Revenue is Not Created Equal: The Keys to the 10X Revenue Club | Above the Crowd<\/a><\/li>\n<li><a href=\"https:\/\/www.investopedia.com\/terms\/d\/dcf.asp\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Discounted Cash Flow (DCF) Explained with Formula and Examples | Investopedia<\/a><\/li>\n<li><a href=\"https:\/\/articles.sequoiacap.com\/rip-good-times\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">R.I.P. Good Times | Sequoia<\/a><\/li>\n<li><a href=\"https:\/\/www.investopedia.com\/articles\/financial-analysis\/062716\/gaap-vs-nongaap-which-should-you-consider-evaluation.asp\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">GAAP vs. Non-GAAP: What\u2019s the Difference? | Investopedia<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Snow-Crash-Neal-Stephenson\/dp\/0553380958\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Snow Crash by Neal Stephenson | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/secondlife.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Explore. Discover. Create. | Second Life<\/a><\/li>\n<li><a href=\"https:\/\/www.joincolossus.com\/episodes\/43447310\/gurley-back-to-the-future?tab=transcript\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Bill Gurley, Philip Rosedale: Back to the Future | Invest Like the Best<\/a><\/li>\n<li><a href=\"https:\/\/about.meta.com\/metaverse\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The Metaverse is the Future of Digital Connection | Meta<\/a><\/li>\n<li><a href=\"https:\/\/www.youtube.com\/watch?v=laNOeA8hePU\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">What Is LARPing? (Live Action Role Playing) | Insider<\/a><\/li>\n<li><a href=\"https:\/\/burningman.org\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Burning Man<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Ready-Player-One-Ernest-Cline\/dp\/0307887448\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Ready Player One: A Novel by Ernest Cline | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.pewresearch.org\/internet\/2022\/06\/30\/the-metaverse-in-2040\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The Metaverse in 2040 | Pew Research Center<\/a><\/li>\n<li><a href=\"https:\/\/zoom.us\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">One Platform to Connect | Zoom<\/a><\/li>\n<li><a href=\"https:\/\/www.nytimes.com\/2023\/01\/23\/business\/microsoft-chatgpt-artificial-intelligence.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Microsoft to Invest $10 Billion in OpenAI, the Creator of ChatGPT | The New York Times<\/a><\/li>\n<li><a href=\"https:\/\/www.vox.com\/recode\/2022\/8\/24\/23320183\/india-whatsapp-meta-land-of-the-giants-mark-zuckerberg\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">How India Runs on Meta\u2019s WhatsApp Message App | Vox<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-06\/tencent-s-wechat-app-keeps-growing-despite-beijing-crackdown#xj4y7vzkg\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Tencent\u2019s WeChat App Keeps Growing Despite Beijing Crackdown | Bloomberg<\/a><\/li>\n<li><a href=\"https:\/\/tim.blog\/2022\/03\/24\/mark-zuckerberg\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-wpel-link=\"internal\">Mark Zuckerberg on Long-Term Strategy, Business and Parenting Principles, Personal Energy Management, Building the Metaverse, Seeking Awe, the Role of Religion, Solving Deep Technical Challenges (e.g., AR), and More | The Tim Ferriss Show #582<\/a><\/li>\n<li><a href=\"https:\/\/thedecisionlab.com\/biases\/the-sunk-cost-fallacy\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The Sunk Cost Fallacy | The Decision Lab<\/a><\/li>\n<li><a href=\"https:\/\/www.investopedia.com\/terms\/q\/qualityofearnings.asp\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Quality of Earnings: Definition, Analysis, and Why It\u2019s Important | Investopedia<\/a><\/li>\n<li><a href=\"https:\/\/www.snowflake.com\/en\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The Data Cloud | Snowflake<\/a><\/li>\n<li><a href=\"https:\/\/www.uber.com\/newsroom\/history\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The History of Uber \u2013 Uber\u2019s Timeline | Uber Newsroom<\/a><\/li>\n<li><a href=\"https:\/\/fivethirtyeight.com\/features\/uber-isnt-worth-17-billion\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Uber Isn\u2019t Worth $17 Billion | FiveThirtyEight<\/a><\/li>\n<li><a href=\"https:\/\/abovethecrowd.com\/2014\/07\/11\/how-to-miss-by-a-mile-an-alternative-look-at-ubers-potential-market-size\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">How to Miss By a Mile: An Alternative Look at Uber\u2019s Potential Market Size | Above the Crowd<\/a><\/li>\n<li><a href=\"https:\/\/www.divestopedia.com\/definition\/4974\/total-addressable-market-tam\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">What is Total Addressable Market (TAM)? | Divestopedia<\/a><\/li>\n<li><a href=\"https:\/\/www.cnn.com\/2018\/08\/27\/us\/esports-what-is-video-game-professional-league-madden-trnd\/index.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">What Is eSports? A Look at an Explosive, Billion-Dollar Industry | CNN<\/a><\/li>\n<li><a href=\"https:\/\/money.howstuffworks.com\/amazon-same-day-delivery4.htm\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">How Amazon Same-Day Delivery Works | HowStuffWorks<\/a><\/li>\n<li><a href=\"https:\/\/www.peterfisk.com\/vault-entry\/amazon-ceo-jeff-bezos-letters-to-shareholders\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Amazon CEO Jeff Bezos\u2019 Letters to Shareholders | Peter Fisk<\/a><\/li>\n<li><a href=\"https:\/\/relentless.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Relentless.com<\/a><\/li>\n<li><a href=\"https:\/\/www.nytimes.com\/2009\/02\/15\/magazine\/15Battier-t.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The No-Stats All-Star | The New York Times Magazine<\/a><\/li>\n<li><a href=\"https:\/\/www.joincolossus.com\/episodes\/68722518\/battier-how-to-win?tab=transcript\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Shane Battier: The No-Stats All-Star | Invest Like the Best<\/a><\/li>\n<li><a href=\"https:\/\/tim.blog\/2022\/12\/21\/jonathan-haidt\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-wpel-link=\"internal\">Jonathan Haidt \u2014 The Coddling of the American Mind, How to Become Intellectually Antifragile, and How to Lose Anger by Studying Morality | The Tim Ferriss Show #644<\/a><\/li>\n<li><a href=\"https:\/\/tim.blog\/2022\/10\/07\/brian-armstrong\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-wpel-link=\"internal\">Brian Armstrong, CEO of Coinbase \u2014 The Art of Relentless Focus, Preparing for Full-Contact Entrepreneurship, Critical Forks in the Path, Handling Haters, The Wisdom of Paul Graham, Epigenetic Reprogramming, and Much More | The Tim Ferriss Show #627<\/a><\/li>\n<li><a href=\"https:\/\/tim.blog\/2019\/02\/07\/tobi-lutke-shopify\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-wpel-link=\"internal\">Tobi L\u00fctke \u2014 From Snowboard Shop to Billion-Dollar Company | The Tim Ferriss Show #359<\/a><\/li>\n<li><a href=\"https:\/\/www.investopedia.com\/terms\/b\/btob.asp\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Business-to-Business (B2B) | Investopedia<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Complexity-Emerging-Science-Order-Chaos-ebook\/dp\/B07WVV5J2R\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Complexity: The Emerging Science at the Edge of Order and Chaos by M. Mitchell Waldrop | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Mr-China-Memoir-Tim-Clissold\/dp\/0060761407\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Mr. China: A Memoir by Tim Clissold | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Red-Notice-Finance-Murder-Justice\/dp\/1476755744\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Red Notice: A True Story of High Finance, Murder, and One Man\u2019s Fight for Justice by Bill Browder | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Range-Generalists-Triumph-Specialized-World\/dp\/0735214506\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Range: Why Generalists Triumph in a Specialized World by David Epstein | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.researchgate.net\/publication\/259917989_Far-Out_Thinking\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Far-Out Thinking | Psychological Science<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Sports-Gene-Extraordinary-Athletic-Performance\/dp\/161723012X\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">The Sports Gene: Inside the Science of Extraordinary Athletic Performance by David Epstein | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/en.wikipedia.org\/wiki\/Legg_Mason\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Legg Mason | Wikipedia<\/a><\/li>\n<li><a href=\"https:\/\/www.santafe.edu\/events\/complexity-sustainability-beyond-power-grid\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Events: The Complexity of Sustainability: Beyond the Power Grid | Santa Fe Institute<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Thinking-Fast-Slow-Daniel-Kahneman\/dp\/0374533555\/?tag=offsitoftimfe-20\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Thinking, Fast and Slow by Daniel Kahneman | Amazon<\/a><\/li>\n<li><a href=\"https:\/\/www.mentalfloss.com\/article\/68705\/20-cognitive-biases-affect-your-decisions\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">20 Cognitive Biases That Affect Your Decisions | Mental Floss<\/a><\/li>\n<li><a href=\"https:\/\/tim.blog\/2023\/01\/06\/james-clear-atomic-habits\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-wpel-link=\"internal\">James Clear, Atomic Habits \u2014 Simple Strategies for Building (and Breaking) Habits, Questions for Personal Mastery and Growth, Tactics for Writing and Launching a Mega-Bestseller, Finding Leverage, and More | The Tim Ferriss Show #648<\/a><\/li>\n<li><a href=\"https:\/\/www.newcomer.co\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Eric Newcomer | Substack<\/a><\/li>\n<li><a href=\"https:\/\/www.techmeme.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Techmeme<\/a><\/li>\n<li><a href=\"https:\/\/jamesclear.com\/great-speeches\/runnin-down-a-dream-by-bill-gurley\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Runnin\u2019 Down a Dream: How to Succeed and Thrive in a Career You Love by Bill Gurley | McCombs School, University of Texas<\/a><\/li>\n<li><a href=\"https:\/\/www.investopedia.com\/terms\/r\/regulatory-capture.asp\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Regulatory Capture Definition With Examples | Investopedia<\/a><\/li>\n<li><a href=\"https:\/\/www.vox.com\/2017\/1\/9\/14211778\/obama-electronic-medical-records\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Obama\u2019s Surprising Answer on Which Part of Obamacare Has Disappointed Him the Most | Vox<\/a><\/li>\n<li><a href=\"https:\/\/www.epic.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Epic<\/a><\/li>\n<li><a href=\"https:\/\/www.brennancenter.org\/our-work\/research-reports\/citizens-united-explained\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Citizens United Explained | Brennan Center for Justice<\/a><\/li>\n<li><a href=\"https:\/\/en.wikipedia.org\/wiki\/Instant_payment\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Instant Payment | Wikipedia<\/a><\/li>\n<li><a href=\"https:\/\/www.federalreserve.gov\/paymentsystems\/fednow_about.htm\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">Fed Now Service | Federal Reserve<\/a><\/li>\n<li><a href=\"https:\/\/www.opensecrets.org\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" data-wpel-link=\"external\">OpenSecrets<\/a><\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\">SHOW NOTES<\/h3>\n<p><em>Editor\u2019s note: timestamps will be added shortly.<\/em><\/p>\n<ul>\n<li>The book Bill calls \u201cthe most efficient short-form MBA one can find.\u201d<\/li>\n<li>Sell-side analysts vs. buy-side analysts.<\/li>\n<li>Financial models, rules of thumb, and making (sometimes wrong) decisions.<\/li>\n<li>Howard Marks and Stan Druckenmiller.<\/li>\n<li>Micro vs. macro investing.<\/li>\n<li>Institutional Investor\u2019s All-America Research Team.<\/li>\n<li>Expanding distribution.<\/li>\n<li>Return On Invested Capital (ROIC).<\/li>\n<li>Repurposing good ideas for alternative applications.<\/li>\n<li>The conviction of network effects.<\/li>\n<li>SaaS and open source.<\/li>\n<li>Bet sizing.<\/li>\n<li>Equal partnership over hierarchy.<\/li>\n<li>Lessons learned from partners.<\/li>\n<li>Recommended resources.<\/li>\n<li>Problems open source can solve.<\/li>\n<li>Building a better network with the interest graph.<\/li>\n<li>Dissecting Bill\u2019s Twitter thread about risks and sudden valuation resets.<\/li>\n<li>The Metaverse.<\/li>\n<li>Revenue and earnings quality matter.<\/li>\n<li>Undervalued competitive advantages.<\/li>\n<li>Jeff Bezos: corporate mad scientist?<\/li>\n<li>The counterintuitive condemnation of company camaraderie.<\/li>\n<li>Tobi L\u00fctke.<\/li>\n<li>Books Bill has gifted frequently.<\/li>\n<li>The Santa Fe Institute.<\/li>\n<li>Bill\u2019s board.<\/li>\n<li>Cultivating anti-tribalism.<\/li>\n<li>Twitter: what is it good for?<\/li>\n<li>Newsletters and other resources Bill relies on.<\/li>\n<li>Bill\u2019s book in progress.<\/li>\n<li>Regulatory capture.<\/li>\n<li>Predicting what America will look like in 10-20 years.<\/li>\n<li>Parting thoughts.<\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\">MORE BILL GURLEY QUOTES FROM THE INTERVIEW<\/h3>\n<p><strong>\u201cThe minute you set a very hard rule, you might be setting yourself up for a mistake. And venture, I have found, is a world where that happens frequently.\u201d<\/strong><\/p>\n<p>\u2014\u00a0Bill Gurley<\/p>\n<p><strong>\u201cThe process through which you actually put the words to paper and structure the paragraphs, structure the argument, you get smarter. Sometimes you decide, \u2018Oops, I was wrong.\u2019 You learn by putting it all together.\u201d<\/strong><\/p>\n<p>\u2014\u00a0Bill Gurley<\/p>\n<p><strong>\u201cIf you\u2019re starting a company because you think it\u2019s going to be a good lifestyle, holy shit. You\u2019re in for a rude awakening.\u201d<\/strong><\/p>\n<p>\u2014\u00a0Bill Gurley<\/p>\n<p><strong>\u201cOpen source is way better at complex problems than simple problems.\u201d<\/strong><\/p>\n<p>\u2014\u00a0Bill Gurley<\/p>\n<p><strong>\u201cWhy do we use government dollars to fund stuff that becomes proprietary?\u201d<\/strong><\/p>\n<p>\u2014\u00a0Bill Gurley<\/p>\n<p><strong>\u201cBe less tribal.\u201d<\/strong><\/p>\n<p>\u2014\u00a0Bill Gurley<\/p>\n<h3 class=\"wp-block-heading\">PEOPLE MENTIONED<\/h3>\n<p><h3 class=\"jp-relatedposts-headline\"><em>Related and Recommended<\/em><\/h3>\n<\/p>\n<p><em><a href=\"https:\/\/tim.blog\/podcast\" data-wpel-link=\"internal\"><strong>The Tim Ferriss Show<\/strong><\/a> <\/em><span>is one <\/span>of the most popular podcasts in the world with more than 900 million downloads. It has been selected for &#8220;Best of Apple Podcasts&#8221; three times, it is often the #1 interview podcast across all of Apple Podcasts, and it&#8217;s been ranked #1 out of 400,000+ podcasts on many occasions. To listen to any of the past episodes for free, check out <strong><a href=\"https:\/\/tim.blog\/podcast\" data-wpel-link=\"internal\">this page<\/a><\/strong>.<\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/hop.clickbank.net\/?affiliate=infohatch&amp;vendor=J1R2C\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-10614 aligncenter\" src=\"http:\/\/parmaks.com\/Resources\/wp-content\/uploads\/2025\/05\/profit-gen400px.png\" alt=\"Profit Gen\" width=\"400\" height=\"217\" srcset=\"https:\/\/parmaks.com\/Resources\/wp-content\/uploads\/2025\/05\/profit-gen400px.png 400w, https:\/\/parmaks.com\/Resources\/wp-content\/uploads\/2025\/05\/profit-gen400px-300x163.png 300w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Illustration via 99designs \u201cThe minute you set a very hard rule, you might be setting yourself up for a mistake. And venture, I have found, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":927,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-growth"],"_links":{"self":[{"href":"https:\/\/parmaks.com\/Resources\/wp-json\/wp\/v2\/posts\/926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/parmaks.com\/Resources\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/parmaks.com\/Resources\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/parmaks.com\/Resources\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/parmaks.com\/Resources\/wp-json\/wp\/v2\/comments?post=926"}],"version-history":[{"count":0,"href":"https:\/\/parmaks.com\/Resources\/wp-json\/wp\/v2\/posts\/926\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/parmaks.com\/Resources\/wp-json\/wp\/v2\/media\/927"}],"wp:attachment":[{"href":"https:\/\/parmaks.com\/Resources\/wp-json\/wp\/v2\/media?parent=926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/parmaks.com\/Resources\/wp-json\/wp\/v2\/categories?post=926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/parmaks.com\/Resources\/wp-json\/wp\/v2\/tags?post=926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}