Bill Gurley

Because when you say, oh, there's a bubble, people go, oh, you don't believe in AI.

No, the fact that it's real...

causes people to get rich quick.

And when people get rich quick, charlatans and speculators flood in and things get overheated.

And I think that certainly has happened.

I don't have any crystal ball to predict what would cause it to reverse.

I think the circular deals are horrific.

I don't think the auditor should have approved them.

And I think whenever

You eventually have an unwinding.

They're going to make it worse because they won't be sustainable.

You shouldn't be able to move cash from your balance sheet and create revenue on your income statement.

I just don't think that should be okay.

But they're all doing it.

Every single one of the big players is doing it.

I explain the type of deals without naming a company or industry.

I just explain the structure of them.

to chat GPT, and I would encourage anyone to go do this, like it's an exercise anyone could do.

And it immediately started talking about WorldCom and Enron, like unprompted by me.

Like I just said, what do you think about these types of structures?