Bill Gurley
👤 SpeakerAppearances Over Time
Podcast Appearances
They're hard to manage.
All this stuff.
But he did it and it worked.
I would suggest that what we might be seeing is the exact result of everyone copying the Yale model.
Howard Marks famously said, you make a lot of money when you do something non-consensus and accurate.
But what if everyone copies David Swenson?
What if everyone goes to 50% illiquid?
Will it still work?
I think that's a provocative question.
But I think that's what happened for sure.
And the fact that Yale, which led us into this strategy, is trying to get out, I find super interesting.
Could be.
If I can get past these realities, we're going to answer them.
Sorry, can't help myself.
The AI wave came at a really interesting time.
This is my fifth point, I think, out of six realities.
We were headed to this mini correction.
You have to remember, Patrick, people were tightening their belt.
These companies were laying people off.
They were trying to get to break even.