In this episode of Invest Like the Best, Patrick O'Shaughnessy interviews Bill Gurley about the current state of venture capital. Gurley outlines key market realities, including the rise of mega VC funds, the prevalence of zombie unicorns, stalled IPO and M&A markets, LP liquidity issues, and the impact of the AI wave. They discuss the lack of incentives for accurate asset marking, the challenges founders face in the current environment, and the potential for AI to reshape the investment landscape. Gurley shares his perspective on the role of LPs, the importance of traditional company building, and the competitive dynamics between the U.S. and China in the AI space, offering advice to founders and investors navigating this complex ecosystem.
