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The Gift and The Curse of Staying Private - Colossus

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Episode 427: The Gift and The Curse of Staying Private Invest Like The Best Episode 427 Hosted by Patrick O'Shaughnessy 06.10.2025 Bill Gurley is a former General Partner at Benchmark Capital. We cover the breakdown of incentives that created over a thousand "zombie unicorn" companies, how late-stage venture firms have largely eliminated the need to go public to access funding and liquidity, and the investing implications if AI turns out to be the single greatest platform shift of our lifetime. This episode is brought to you by: Ramp. ⁠⁠⁠⁠⁠Ramp⁠⁠⁠⁠⁠'s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ⁠⁠⁠⁠⁠Ramp.com/invest⁠⁠⁠⁠⁠ to sign up for free and get a $250 welcome bonus. Ridgeline. Ridgeline⁠⁠⁠⁠⁠⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer repo

Introduction Patrick Our guest today is Bill Gurley. Bill was a General Partner at Benchmark Capital. He joins me for his sixth time on Invest Like the Best and his most comprehensive market analysis yet, examining the realities reshaping venture capital. Bill tackles the uncomfortable math underlying today's venture returns, with companies staying private for longer. He also walks through why no one, from GPs to LPs to founders, has proper incentives to mark assets accurately, creating a system-wide coordination problem. And we dig into the investment implications of AI as a platform shift, r

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