Bill Gurley quotes:

If the goal is to build companies that maximize long-term equity value, then optimizing corporate performance in a way that Wall Street appreciates is obviously critical to that goal.

There is no fear in Silicon Valley right now,

Venture capital is unscalable. Production equals the time each partner has.

Silicon Valley is way more correlated with Nasdaq than anyone admits.

I think one of the key differentiators I bring to the table as a venture capitalist is a solid understanding of the public markets and how they operate.

Many consumer Internet business executives are loyalists of the Lifetime Value model, often referred to as the LTV model or formula. Lifetime value is the net present value of the profit stream of a customer.

Having an investor on your board of directors who is naive about public markets or finds them complex or scary is non-optimal.

Over the past 10 years, the majority of value creation in the venture community has been in consumer Internet.

Facebook has stitched together your social graph. The idea of an interest graph is to bring together everyone that has shared interests. If I can isolate the people who are into mountain biking in Marin, in one place, the ability to put ads against that is really high.

It is critical to bundle all future variable costs of supporting the customer in order to fairly estimate the future contribution.

If one asserts that buying customers below what they charge them is a corporate strategy, this is in essence an arbitrage game, and arbitrage games rarely last.

It's really hard to run a business against somebody who is not acting as if it were in business.

Marketing executives like big budgets, as big budgets make it easier to grow the top line.

You can't make money with a consensus accurate prediction

No one's fearful, everyone's greedy, and it will eventually end.