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cover of episode Ep19. State of Venture, AI Scaling, Elections | BG2 w/ Bill Gurley, Brad Gerstner, & Jamin Ball

Ep19. State of Venture, AI Scaling, Elections | BG2 w/ Bill Gurley, Brad Gerstner, & Jamin Ball

2024/10/31
logo of podcast BG2Pod with Brad Gerstner and Bill Gurley

BG2Pod with Brad Gerstner and Bill Gurley

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Bill Gurley
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Brad Gerstner
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Jamin Ball
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Bill Gurley: 大型风投基金的管理费收入已足以让合伙人致富,这使得他们更关注资金的快速部署而非投资回报的最大化,这与创始人的目标可能不一致。过度融资和高估值会限制公司的发展选择,例如,无法以较低价格出售公司。 Brad Gerstner: 大型风投基金难以获得与传统风投基金相当的回报率。过度融资可能扭曲了市场,导致一些公司未能实现其应有的增长和流动性。过度融资可能导致市场结果成为二元化的,只有极少数公司能获得高回报,而大部分公司则会失败。 Jamin Ball: 风险投资市场已从高利润的个体行业转变为制度化的低利润行业,这改变了创始人与风投基金之间的激励机制,可能导致两者目标不一致。大型风投基金的管理费收入已足以让合伙人致富,这使得他们更关注资金的快速部署而非投资回报的最大化,这与创始人的目标可能不一致。公司获得过多资金后,往往会分散精力,无法专注于最重要的目标,反而降低成功率。要获得高回报,风投基金需要在少数公司获得超额回报,而大型基金由于投资范围更广,难以实现这一目标。

Deep Dive

Chapters
The discussion delves into the evolving state of venture capital, focusing on how incentives have shifted towards rapid deployment of funds rather than maximizing value creation, and the implications for founders and companies.
  • VC funds are transitioning from a high-margin cottage industry to an institutionalized, lower-margin industry.
  • Incentives for VCs have shifted towards maximizing management fees rather than focusing on the long-term value of investments.
  • Founders need to be aware of these changes and ask critical questions about their VC partners' incentives.

Shownotes Transcript

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by Jamin Ball (Partner at Altimeter) to discuss the state of venture capital and incentives, implications of overcapitalization, the future of power law returns, AI’s impact on investment strategies, the future of AI and CapEx, the market’s reactions to the 2024 election, the evolution of search and AI integration, Nasa, SpaceX, & more. Enjoy another episode of BG2.

Timestamps:

(00:00) Intro

(00:52) Bill’s Dad | from Nasa to SpaceX

(06:20) State of VC and Incentives w/ Jamin Ball

(12:31) Implications of Overcapitalization

(25:08) The Future of Power Law Returns

(38:28) The Impact of AI on Investment Strategies

(46:00) Future of AI and Capital Expenditure

(52:21) Market Reactions to 2024 Election

(01:00:45) Evolution of Search and AI Integration

Available on Apple, Spotify, www.bg2pod.com)

Follow:

Brad Gerstner @altcap)

Bill Gurley @bgurley)

BG2 Pod @bg2pod)

Jamin Ball @jaminball⁠)

**Shownotes **

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