Bill Gurley

And now we're seeing it again here.

It's pretty foreign to what—and I gave a speech a few years back about regulatory capture, and I said that the reason Silicon Valley works so well is it's so far away from Washington.

These guys are rolling around in it.

Well, I think Silicon Valley is, you know, going back to the chapter in my book or Go Where the Action Is, is an incredibly special place to be an entrepreneur.

And the amount of learning and mentoring and partnering and, like,

Your ability to jump from one job to the other.

It's like no other place on the planet.

And it'll take a lot to upset that apple cart.

I have a bit of a fresh perspective on the tax issue that comes from spending.

quite a bit of time in China over the years, which is one of the things China has done to kind of reach the level of success they have is the provinces competing with one another.

And I went back and read a bit about, like...

John Adams in the Federalist Papers was talking about state versus state competition.

And I wonder if the best way to think about this is to shine a spotlight on what policies are working in certain states and which policies aren't working in certain states.

And

almost amplify the different approaches to see what is best practice.

I mean, as an example, not everyone knows this, but in Austin, Texas, rental rates have fallen for four or five years in a row,

while it's one of the fastest growing cities in the country.

And so I happen to know people that fought for the NIMBY policies that were changed here.

And that's an example of a policy that appears to be working.

A lot of people like to talk about housing prices and a concern, and they pass policies where like government builds buildings for $500,000 a unit or something.