Legendary Investor Bill Gurley on Investing Rules, Finding Outliers, Insights from Jeff Bezos and Howard Marks, Must-Read Books, Creating True Competitive Advantages, Open-Source Strategies, Adapting Mental Models to New Realities, and More (#651) - The Blog of Author Tim Ferriss

Bill thinks that the metaverse premise is wrong; he does not think the metaverse will become the next platform or the next smartphone  Bill thinks Facebook’s stock would double if it ditched its VR initiative.

Bill cannot think of an activity that turns off more brain cells than tribal affiliation 

Undervalued competitive advantages in business: network effects, customer lock-in, high switching costs, and performance  

Venture  can be  a pattern recognition job, but having rules that are too firm can also result in catastrophic errors

One of the most common mistakes entrepreneurs make is they come up with a technological breakthrough but they do not spend any time analyzing the industry structure or if go-to-market is even possible

“Strong opinions, loosely held” is a framework that all investors must work within   

On restoring a culture of mission-focused companies:  How well would the Duke Basketball team perform if Coach K had to prioritize the happiness of his players above the program’s goal of winning a championship?

If there was a scale of financial sophistication between 1 and 10, and a really smart person in New York is an 8.5, then the average Silicon Valley person is a 2 in financial literacy

If your opinion about the stock is already embedded in the price of the stock, then you are not going to make any money