BILL GURLEY

The key to understanding any market is to recognize when the competitive dynamics have shifted from 'too early' to 'winner take most.'

A company with negative unit economics is not a business. It's a transfer of wealth from investors to consumers.

We are in a risk bubble. The risk-taking has been enormous. The valuations have been enormous. And a lot of people are going to get hurt.

If you take a shot at the king, you best not miss.

The most dangerous thing you can do in venture is invest at a price that requires perfection to earn a return.

Network effects are the most powerful force in technology. Once a marketplace achieves liquidity, it becomes nearly impossible to dislodge.