Bill Gurley & Michael Mauboussin - Putting Theory into Practice - [Invest Like the Best, EP.370] | Invest Like the Best with Patrick O'Shaughnessy | Podwise
This podcast episode explores the current state of foundational model companies and their valuations, highlighting concerns about high expectations and discounted future expectations. It also delves into the concept of "superstar firms" and their dominance in the market, emphasizing increasing returns to scale and network effects. The episode discusses the increasing importance of intangible investments in the modern economy and the potential benefits and challenges of open source innovation. It also addresses the issues of regulatory capture and the impact of the zero interest rate period on corporate behavior. The venture capital ecosystem and the enduring power of innovation are examined, along with the role of experience and intuition in venture capital investing. The discussion concludes with an exploration of venture capital returns and the potential of AI and generative AI, as well as the importance of teaching and giving back.
