Bill Gurley & Michael Mauboussin - Putting Theory into Practice - [Invest Like the Best, EP.370]

Invest Like the Best with Patrick O'Shaughnessy

Colossus

Technology, Business, Investing

4.7 • 2.5K Ratings

🗓️ 23 April 2024

⏱️ 93 minutes

🔗️ Recording | iTunes | RSS

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Summary

My guests today are Bill Gurley and Michael Mauboussin. Bill is a General Partner at Benchmark, and Michael is the Head of Consilient Research for Counterpoint Global. While they are longtime friends with one another, I’d never heard them appear somewhere together so it was a real treat to be able to do this with the two of them. They are two of the leading minds in their fields, and we combined their decades of expertise into one wide-ranging conversation. We discuss the different kinds of increasing returns to scale, the issue of regulatory capture, AI, and hardware. Please enjoy this great conversation with Bill Gurley and Michael Mauboussin. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the only investment research platform built for the investor. With traditional research vendors, the diligence process is slow, fragmented, and expensive. That leaves investors competing on how well they can aggregate data — not on their unique ability to analyze insights and make great investment decisions. Tegus offers an end-to-end platform with all the data you need to get up to speed on a company or market: up-to-the-minute financials, customizable models, management and culture checks, and, of course, our vast and growing library of expert call transcripts. Tegus is changing the world of expert research. Learn more and get your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:03:38) Dissecting the Dynamics of AI, LLMs, and Market Disruption (00:05:06) The World of AI Investments and Market Trends (00:08:13) Integration of New Technologies in Business (00:15:27) The Power of Increasing Returns and Strategic Investments (00:22:26) Unpacking the Role of Intangibles in Scaling and Innovation (00:28:54) Transformative Potential of Open Source and Idea Recombination (00:34:42) The Complex Landscape of Regulation and Innovation (00:43:17) Today’s Venture Capital Ecosystem (00:47:08) Impact of Fewer IPOs and Private Market Dynamics (00:50:38) Capital Allocation in Zero Interest Rate Environments (00:54:44) The Evolution of Venture Capital and High-Stakes Investment Games (00:57:21) Exploring New Frontiers: AI, Energy, and Physical World Innovations (01:01:14) The Power of Learning by Doing (01:17:49) Working with Genius (01:26:47) The Value of Teaching, Writing, and Sharing Knowledge

Transcript

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0:00.0	This episode is brought to you by Tegis, the only investing research platform built for fundamental investors.
0:05.6	Whether you're trying to get up to speed on a new market or keep tabs on a portfolio company,
0:10.0	Tegis is the end-to-end investment research platform that you need.
0:13.2	With TIGAS, you can quickly understand a company's business model, drivers, benchmarks,
0:17.8	and management quality.
0:19.0	To monitor an entire market, download our pre-built financial models, or update your own with the latest data
0:24.9	using Tegus's new Excel ad-in.
0:27.5	Tegus gives you all this and more all bundled into a single software license.
0:32.2	Find out why 95% of the top 20 global private equity firms
0:35.7	are Tegus customers.
0:37.1	Learn more and get your free trial at Tegus.com
0:40.0	slash Patrick. You may have heard me reference the idea of maniacs on a mission and how much that idea
0:46.8	excites me. Well, David Senra is my favorite maniac on one of my favorite missions with his
0:51.4	weekly crafting of the Founders Podcast.
0:53.6	Through studying the lives of legends, he weaves together insights across history
0:57.8	to distill ideas that you can use in your work. Founders reveals tried and true tactics battle tested by the world's icons and has
1:06.1	David's infectious energy to accompany them. With well over 300 episodes your heroes are
1:11.2	surely in the lineup and his recent episode on Oprah is
1:14.3	particularly great. Founders is a movement that you don't want to miss. It's part of
1:18.5	the Colossus Network and you can find your way to David's great podcast in the
1:22.2	show notes.
1:26.8	Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best.
	...

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