Tim Ferriss: Bestselling Author, Human Guinea Pig

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#651: 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

The Tim Ferriss Show

Tim Ferriss is a self-experimenter and bestselling author, best known for The 4-Hour Workweek, which has been translated into 40+ languages. Newsweek calls him "the world's best human guinea pig," and The New York Times calls him "a cross between Jack Welch and a Buddhist monk." In this show, he deconstructs world-class performers from eclectic areas (investing, chess, pro sports, etc.), digging deep to find the tools, tactics, and tricks that listeners can use.

Brought to you by <a href="https://protekt.com/tim" rel="noopener noreferrer" target="_blank">Protekt's REST</a> sleep supplement, <a href="http://athleticgreens.com/tim" rel="noopener noreferrer" target="_blank">Athletic Greens's AG1</a> all-in-one nutritional supplement, and <a href="http://shopify.com/tim" rel="noopener noreferrer" target="_blank">Shopify</a> global commerce platform providing tools to start, grow, market, and manage a retail business. Bill Gurley (<a href="https://twitter.com/bgurley" rel="noopener noreferrer" target="_blank">@bgurley</a>) has spent more than 20 years as a general partner at Benchmark. Before entering the venture capital business, Bill spent four years on Wall Street as a top-ranked research analyst, including three years at Credit Suisse First Boston.Bill also maintains a blog on the evolution and economics of high technology businesses called <a href="http://abovethecrowd.com/" rel="noopener noreferrer" target="_blank">Above the Crowd</a>.Over his venture career, he has worked with such companies as <a href="http://www.grubhub.com/" rel="noopener noreferrer" target="_blank">GrubHub</a>, <a href="https://nextdoor.com/" rel="noopener noreferrer" target="_blank">Nextdoor</a>, <a href="http://www.opentable.com/san-francisco-restaurants" rel="noopener noreferrer" target="_blank">OpenTable</a>, <a href="http://www.stitchfix.com/" rel="noopener noreferrer" target="_blank">Stitch Fix</a>, <a href="https://www.uber.com/" rel="noopener noreferrer" target="_blank">Uber</a>, and <a href="http://www.zillow.com/" rel="noopener noreferrer" target="_blank">Zillow</a>. Bill has a BS in computer science from the University of Florida and an MBA from the University of Texas. He is also a chartered financial analyst. Bill is a board trustee at the Santa Fe Institute, a research and education center focused on the study and understanding of complex adaptive systems.Please enjoy!*This episode is brought to you by <a href="http://shopify.com/tim" rel="noopener noreferrer" target="_blank">Shopify</a>! <a href="http://shopify.com/tim" rel="noopener noreferrer" target="_blank">Shopify</a> is one of my favorite platforms and one of my favorite companies. <a href="http://shopify.com/tim" rel="noopener noreferrer" target="_blank">Shopify</a> is designed for anyone to sell anywhere, giving entrepreneurs the resources once reserved for big business. In no time flat, you can have a great-looking online store that brings your ideas to life, and you can have the tools to manage your day-to-day and drive sales. No coding or design experience required.Go to <a href="http://shopify.com/tim" rel="noopener noreferrer" target="_blank">shopify.com/tim</a> to sign up for a one dollar per month trial period. It’s a great deal for a great service, so I encourage you to check it out. Take your business to the next level today by visiting <a href="http://shopify.com/tim" rel="noopener noreferrer" target="_blank">shopify.com/tim</a>.*This episode is also brought to you by <a href="https://protekt.com/Tim" rel="noopener noreferrer" target="_blank">Protekt’s REST supplement</a>! Protekt's <a href="https://protekt.com/Tim" rel="noopener noreferrer" target="_blank">REST</a> is a new take on getting deeper, more restorative sleep. Protekt's REST supplement helps provide consistent, restful sleep without any habit-forming ingredients or groggy side effects. Simply add it to your last glass of water before bed, and it goes to work.REST has no added sugars, artificial sweeteners, or artificial ingredients. Protekt is veteran-owned, and they make all of their products right here in the USA. Protekt is offering you <a href="https://protekt.com/Tim" rel="noopener noreferrer" target="_blank">30% off </a>both flavors of their REST formula! <a href="https://protekt.com/Tim" rel="noopener noreferrer" target="_blank">Visit Protekt.com/Tim to claim this special offer today and use code TIM at checkout</a>.*This episode is also brought to you by <a href="https://www.athleticgreens.com/tim" rel="noopener noreferrer" target="_blank">Athletic Greens</a>. I get asked all the time, “If you could use only one supplement, what would it be?” My answer is usually <a href="https://www.athleticgreens.com/tim" rel="noopener noreferrer" target="_blank">AG1</a> by <a href="https://www.athleticgreens.com/tim" rel="noopener noreferrer" target="_blank">Athletic Greens</a>, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but <a href="https://www.athleticgreens.com/tim" rel="noopener noreferrer" target="_blank">AG</a> further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. Right now, <a href="https://www.athleticgreens.com/tim" rel="noopener noreferrer" target="_blank">Athletic Greens</a> is offering you their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit <a href="https://www.athleticgreens.com/tim" rel="noopener noreferrer" target="_blank">AthleticGreens.com/Tim</a> to claim this special offer today and receive the free Vitamin D Liquid Formula (and five free travel packs) with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.*For show notes and past guests on <a href="http://tim.blog/podcast" rel="noopener noreferrer" target="_blank">The Tim Ferriss Show</a>, please visit <a href="https://tim.blog/podcast/?utm_source=podcast&utm_medium=podcast&utm_campaign=podcast-description" rel="noopener noreferrer" target="_blank">tim.blog/podcast</a>.For deals from sponsors of <a href="http://tim.blog/podcast" rel="noopener noreferrer" target="_blank">The Tim Ferriss Show</a>, please visit <a href="http://tim.blog/podcast-sponsors" rel="noopener noreferrer" target="_blank">tim.blog/podcast-sponsors</a>Sign up for Tim’s email newsletter (5-Bullet Friday) at <a href="https://go.tim.blog/5-bullet-friday-1/" rel="noopener noreferrer" target="_blank">tim.blog/friday</a>.For transcripts of episodes, go to <a href="http://tim.blog/transcripts" rel="noopener noreferrer" target="_blank">tim.blog/transcripts</a>.Discover Tim’s books: <a href="http://tim.blog/books" rel="noopener noreferrer" target="_blank">tim.blog/books</a>.Follow Tim:Twitter: <a href="https://twitter.com/tferriss" rel="noopener noreferrer" target="_blank">twitter.com/tferriss</a> Instagram: <a href="https://instagram.com/timferriss/" rel="noopener noreferrer" target="_blank">instagram.com/timferriss</a>YouTube: <a href="https://www.youtube.com/timferriss" rel="noopener noreferrer" target="_blank">youtube.com/timferriss</a>Facebook: <a href="https://www.facebook.com/TimFerriss/" rel="noopener noreferrer" target="_blank">facebook.com/timferriss</a> LinkedIn: <a href="http://linkedin.com/in/timferriss" rel="noopener noreferrer" target="_blank">linkedin.com/in/timferriss</a>Past guests on <a href="http://tim.blog/podcast" rel="noopener noreferrer" target="_blank">The Tim Ferriss Show</a> include <a href="https://tim.blog/2020/12/08/jerry-seinfeld/" rel="noopener noreferrer" target="_blank">Jerry Seinfeld</a>, <a href="https://tim.blog/2020/06/26/hugh-jackman/" rel="noopener noreferrer" target="_blank">Hugh Jackman</a>, <a href="https://tim.blog/2020/04/16/jane-goodall/" rel="noopener noreferrer" target="_blank">Dr. Jane Goodall</a>, <a href="https://tim.blog/2018/11/27/lebron-james-mike-mancias/" rel="noopener noreferrer" target="_blank">LeBron James</a>, <a href="https://tim.blog/2020/05/20/kevin-hart/" rel="noopener noreferrer" target="_blank">Kevin Hart</a>, <a href="https://tim.blog/2018/09/07/doris-kearns-goodwin-leadership/" rel="noopener noreferrer" target="_blank">Doris Kearns Goodwin</a>, <a href="https://tim.blog/2015/12/06/jamie-foxx/" rel="noopener noreferrer" target="_blank">Jamie Foxx</a>, <a href="https://tim.blog/2020/10/19/matthew-mcconaughey/" rel="noopener noreferrer" target="_blank">Matthew McConaughey</a>, <a href="https://tim.blog/2017/05/21/esther-perel/" rel="noopener noreferrer" target="_blank">Esther Perel</a>, <a href="https://tim.blog/2020/05/08/elizabeth-gilbert/" rel="noopener noreferrer" target="_blank">Elizabeth Gilbert</a>, <a href="https://tim.blog/2017/12/20/terry-crews-how-to-have-do-and-be-all-you-want/" rel="noopener noreferrer" target="_blank">Terry Crews</a>, <a href="https://tim.blog/2020/08/12/sia/" rel="noopener noreferrer" target="_blank">Sia</a>, <a href="https://tim.blog/2020/10/27/yuval-noah-harari/" rel="noopener noreferrer" target="_blank">Yuval Noah Harari</a>, <a href="https://tim.blog/2016/06/21/malcolm-gladwell/" rel="noopener noreferrer" target="_blank">Malcolm Gladwell</a>, <a href="https://tim.blog/2020/05/27/secretary-madeleine-albright/" rel="noopener noreferrer" target="_blank">Madeleine Albright</a>, <a href="https://tim.blog/2017/03/30/cheryl-strayed/" rel="noopener noreferrer" target="_blank">Cheryl Strayed</a>, <a href="https://tim.blog/2019/02/18/jim-collins/" rel="noopener noreferrer" target="_blank">Jim Collins</a>, <a href="https://tim.blog/2020/11/11/mary-karr/" rel="noopener noreferrer" target="_blank">Mary Karr,</a> <a href="https://tim.blog/2014/10/21/brain-pickings/" rel="noopener noreferrer" target="_blank">Maria Popova</a>, <a href="https://tim.blog/2020/05/15/sam-harris-2/" rel="noopener noreferrer" target="_blank">Sam Harris</a>, <a href="https://tim.blog/2021/01/21/michael-phelps-grant-hackett/" rel="noopener noreferrer" target="_blank">Michael Phelps</a>, <a href="https://tim.blog/2020/01/16/bob-iger/" rel="noopener noreferrer" target="_blank">Bob Iger</a>, <a href="https://tim.blog/2019/10/31/edward-norton-motherless-brooklyn/" rel="noopener noreferrer" target="_blank">Edward Norton</a>, <a href="https://tim.blog/2015/02/02/arnold-schwarzenegger/" rel="noopener noreferrer" target="_blank">Arnold Schwarzenegger</a>, <a href="https://tim.blog/2014/06/24/neil-strauss/" rel="noopener noreferrer" target="_blank">Neil Strauss</a>, <a href="https://tim.blog/2019/09/12/ken-burns/" rel="noopener noreferrer" target="_blank">Ken Burns</a>, <a href="https://tim.blog/2017/08/26/maria-sharapova/" rel="noopener noreferrer" target="_blank">Maria Sharapova</a>, <a href="https://tim.blog/2016/05/29/marc-andreessen/" rel="noopener noreferrer" target="_blank">Marc Andreessen</a>, <a href="https://tim.blog/2019/03/28/neil-gaiman/" rel="noopener noreferrer" target="_blank">Neil Gaiman</a>, <a href="https://tim.blog/2019/10/03/neil-degrasse-tyson/" rel="noopener noreferrer" target="_blank">Neil de Grasse Tyson</a>, <a href="https://tim.blog/2016/09/21/jocko-willink-on-discipline-leadership-and-overcoming-doubt/" rel="noopener noreferrer" target="_blank">Jocko Willink</a>, <a href="https://tim.blog/2020/12/03/daniel-ek/" rel="noopener noreferrer" target="_blank">Daniel Ek</a>, <a href="https://tim.blog/2020/09/08/kelly-slater/" rel="noopener noreferrer" target="_blank">Kelly Slater</a>, <a href="https://tim.blog/2019/11/27/peter-attia-fasting-metformin-longevity/" rel="noopener noreferrer" target="_blank">Dr. Peter Attia</a>, <a href="https://tim.blog/2016/02/10/seth-godin/" rel="noopener noreferrer" target="_blank">Seth Godin</a>, <a href="https://tim.blog/2018/09/25/howard-marks/" rel="noopener noreferrer" target="_blank">Howard Marks</a>, <a href="https://tim.blog/2020/02/06/brene-brown-striving-self-acceptance-saving-marriages/" rel="noopener noreferrer" target="_blank">Dr. Brené Brown</a>, <a href="https://tim.blog/2019/04/09/eric-schmidt/" rel="noopener noreferrer" target="_blank">Eric Schmidt</a>, <a href="https://tim.blog/2020/05/01/michael-lewis/" rel="noopener noreferrer" target="_blank">Michael Lewis</a>, <a href="https://tim.blog/2018/03/08/joe-gebbia-co-founder-of-airbnb/" rel="noopener noreferrer" target="_blank">Joe Gebbia</a>, <a href="https://tim.blog/2018/05/06/michael-pollan-how-to-change-your-mind/" rel="noopener noreferrer" target="_blank">Michael Pollan</a>, <a href="https://tim.blog/2021/03/01/jordan-peterson/" rel="noopener noreferrer" target="_blank">Dr. Jordan Peterson</a>, <a href="https://tim.blog/2017/05/31/vince-vaughn/" rel="noopener noreferrer" target="_blank">Vince Vaughn</a>, <a href="https://tim.blog/2020/04/23/brian-koppelman/" rel="noopener noreferrer" target="_blank">Brian Koppelman</a>, <a href="https://tim.blog/2019/05/07/ramit-sethi/" rel="noopener noreferrer" target="_blank">Ramit Sethi</a>, <a href="https://tim.blog/2020/11/18/dax-shepard/" rel="noopener noreferrer" target="_blank">Dax Shepard</a>, <a href="https://tim.blog/2014/10/15/money-master-the-game/" rel="noopener noreferrer" target="_blank">Tony Robbins</a>, <a href="https://tim.blog/2020/05/18/jim-dethmer/" rel="noopener noreferrer" target="_blank">Jim Dethmer</a>, <a href="https://tim.blog/2020/11/19/dan-harris/" rel="noopener noreferrer" target="_blank">Dan Harris</a>, <a href="https://tim.blog/2017/09/13/ray-dalio/" rel="noopener noreferrer" target="_blank">Ray Dalio</a>, <a href="https://tim.blog/2015/08/18/the-evolutionary-angel-naval-ravikant/" rel="noopener noreferrer" target="_blank">Naval Ravikant</a>, <a href="https://tim.blog/2021/03/08/vitalik-buterin-naval-ravikant/" rel="noopener noreferrer" target="_blank">Vitalik Buterin</a>, <a href="https://tim.blog/2021/03/16/elizabeth-lesser/" rel="noopener noreferrer" target="_blank">Elizabeth Lesser</a>, <a href="https://tim.blog/2019/04/18/amanda-palmer-2/" rel="noopener noreferrer" target="_blank">Amanda Palmer</a>, <a href="https://tim.blog/2021/02/18/katie-haun/" rel="noopener noreferrer" target="_blank">Katie Haun</a>, <a href="https://tim.blog/2017/10/09/richard-branson/" rel="noopener noreferrer" target="_blank">Sir Richard Branson</a>, <a href="https://tim.blog/2020/09/02/chuck-palahniuk/" rel="noopener noreferrer" target="_blank">Chuck Palahniuk</a>, <a href="https://tim.blog/2017/10/18/arianna-huffington/" rel="noopener noreferrer" target="_blank">Arianna Huffington</a>, <a href="https://tim.blog/2015/08/31/the-oracle-of-silicon-valley-reid-hoffman-plus-michael-mccullough/" rel="noopener noreferrer" target="_blank">Reid Hoffman</a>, <a href="https://tim.blog/2017/09/17/bill-burr/" rel="noopener noreferrer" target="_blank">Bill Burr</a>, <a href="https://tim.blog/2015/06/26/whitney-cummings/" rel="noopener noreferrer" target="_blank">Whitney Cummings</a>, <a href="https://tim.blog/2015/05/15/rick-rubin/" rel="noopener noreferrer" target="_blank">Rick Rubin</a>, <a href="https://tim.blog/2020/03/26/vivek-murthy/" rel="noopener noreferrer" target="_blank">Dr. Vivek Murthy</a>, <a href="https://tim.blog/2017/09/09/darren-aronofsky/" rel="noopener noreferrer" target="_blank">Darren Aronofsky</a>, <a href="https://tim.blog/2022/02/22/margaret-atwood/" rel="noopener noreferrer" target="_blank">Margaret Atwood</a>, <a href="https://tim.blog/2022/03/24/mark-zuckerberg/" rel="noopener noreferrer" target="_blank">Mark Zuckerberg</a>, <a href="https://tim.blog/2014/09/09/peter-thiel/" rel="noopener noreferrer" target="_blank">Peter Thiel</a>, <a href="https://tim.blog/2018/02/20/gabor-mate/" rel="noopener noreferrer" target="_blank">Dr. Gabor Maté</a>, <a href="https://tim.blog/2021/07/09/anne-lamott/" rel="noopener noreferrer" target="_blank">Anne Lamott</a>, <a href="https://tim.blog/2022/01/12/sarah-silverman/" rel="noopener noreferrer" target="_blank">Sarah Silverman</a>, <a href="https://tim.blog/2021/07/06/andrew-huberman/" rel="noopener noreferrer" target="_blank">Dr. Andrew Huberman</a>, and many more.See Privacy Policy at <a href="https://art19.com/privacy" rel="noopener noreferrer" target="_blank">https://art19.com/privacy</a> and California Privacy Notice at <a href="https://art19.com/privacy#do-not-sell-my-info" rel="noopener noreferrer" target="_blank">https://art19.com/privacy#do-not-sell-my-info</a>.

Brought to you by <a href="https://protekt.com/tim" rel="noopener noreferrer" target="_blank">Protekt's REST</a> sleep supplement, <a href="http://athleticgreens.com/tim" rel="noopener noreferrer" target="_blank">Athletic Greens's AG1</a> all-in-one nutritional supplement, and <a href="http://shopify.com/tim" rel="noopener noreferrer" target="_blank">Shopify</a> global commerce platform providing tools to start, grow, market, and manage a retail business. Bill Gurley (<a href="https://twitter.com/bgurley" rel="noopener noreferrer" target="_blank">@bgurley</a>) has spent more than 20 years as a general partner at Benchmark. Before entering the venture capital business, Bill spent four years on Wall Street as a top-ranked research analyst, including three years at Credit Suisse First Boston.Bill also maintains a blog on the evolution and economics of high technology businesses called <a href="http://abovethecrowd.com/" rel="noopener noreferrer" target="_blank">Above the Crowd</a>.Over his venture career, he has worked with such companies as <a href="http://www.grubhub.com/" rel="noopener noreferrer" target="_blank">GrubHub</a>, <a href="https://nextdoor.com/" rel="noopener noreferrer" target="_blank">Nextdoor</a>, <a href="http://www.opentable.com/san-francisco-restaurants" rel="noopener noreferrer" target="_blank">OpenTable</a>, <a href="http://www.stitchfix.com/" rel="noopener noreferrer" target="_blank">Stitch Fix</a>, <a href="https://www.uber.com/" rel="noopener noreferrer" target="_blank">Uber</a>, and <a href="http://www.zillow.com/" rel="noopener noreferrer" target="_blank">Zillow</a>. Bill has a BS in computer science from the University of Florida and an MBA from the University of Texas. He is also a chartered financial analyst. Bill is a board trustee at the Santa Fe Institute, a research and education center focused on the study and understanding of complex adaptive systems.Please enjoy!*This episode is brought to you by <a href="http://shopify.com/tim" rel="noopener noreferrer" target="_blank">Shopify</a>! <a href="http://shopify.com/tim" rel="noopener noreferrer" target="_blank">Shopify</a> is one of my favorite platforms and one of my favorite companies. <a href="http://shopify.com/tim" rel="noopener noreferrer" target="_blank">Shopify</a> is designed for anyone to sell anywhere, giving entrepreneurs the resources once reserved for big business. In no time flat, you can have a great-looking online store that brings your ideas to life, and you can have the tools to manage your day-to-day and drive sales. No coding or design experience required.Go to <a href="http://shopify.com/tim" rel="noopener noreferrer" target="_blank">shopify.com/tim</a> to sign up for a one dollar per month trial period. It’s a great deal for a great service, so I encourage you to check it out. Take your business to the next level today by visiting <a href="http://shopify.com/tim" rel="noopener noreferrer" target="_blank">shopify.com/tim</a>.*This episode is also brought to you by <a href="https://protekt.com/Tim" rel="noopener noreferrer" target="_blank">Protekt’s REST supplement</a>! Protekt's <a href="https://protekt.com/Tim" rel="noopener noreferrer" target="_blank">REST</a> is a new take on getting deeper, more restorative sleep. Protekt's REST supplement helps provide consistent, restful sleep without any habit-forming ingredients or groggy side effects. Simply add it to your last glass of water before bed, and it goes to work.REST has no added sugars, artificial sweeteners, or artificial ingredients. Protekt is veteran-owned, and they make all of their products right here in the USA. Protekt is offering you <a href="https://protekt.com/Tim" rel="noopener noreferrer" target="_blank">30% off </a>both flavors of their REST formula! <a href="https://protekt.com/Tim" rel="noopener noreferrer" target="_blank">Visit Protekt.com/Tim to claim this special offer today and use code TIM at checkout</a>.*This episode is also brought to you by <a href="https://www.athleticgreens.com/tim" rel="noopener noreferrer" target="_blank">Athletic Greens</a>. I get asked all the time, “If you could use only one supplement, what would it be?” My answer is usually <a href="https://www.athleticgreens.com/tim" rel="noopener noreferrer" target="_blank">AG1</a> by <a href="https://www.athleticgreens.com/tim" rel="noopener noreferrer" target="_blank">Athletic Greens</a>, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but <a href="https://www.athleticgreens.com/tim" rel="noopener noreferrer" target="_blank">AG</a> further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. Right now, <a href="https://www.athleticgreens.com/tim" rel="noopener noreferrer" target="_blank">Athletic Greens</a> is offering you their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit <a href="https://www.athleticgreens.com/tim" rel="noopener noreferrer" target="_blank">AthleticGreens.com/Tim</a> to claim this special offer today and receive the free Vitamin D Liquid Formula (and five free travel packs) with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.*[05:51] The book Bill calls "the most efficient short-form MBA one can find."[07:31] Sell-side analysts vs. buy-side analysts.[09:45] Financial models, rules of thumb, and making (sometimes wrong) decisions.[17:28] Howard Marks and Stan Druckenmiller.[19:26] Micro vs. macro investing.[20:40] Institutional Investor's All-America Research Team.[24:16] Expanding distribution.[27:04] Return On Invested Capital (ROIC).[33:10] Repurposing good ideas for alternative applications.[37:01] The conviction of network effects.[38:58] SaaS and open source.[42:40] Bet sizing.[44:04] Equal partnership over hierarchy.[50:08] Lessons learned from partners.[52:57] Recommended resources.[58:46] Problems open source can solve.[1:09:28] Building a better network with the interest graph.[1:13:42] Dissecting Bill's Twitter thread about risks and sudden valuation resets.[1:23:50] The Metaverse.[1:29:00] Revenue and earnings quality matter.[1:31:02] Undervalued competitive advantages.[1:35:02] Jeff Bezos: corporate mad scientist?[1:40:42] The counterintuitive condemnation of company camaraderie.[1:45:37] Tobi Lütke.[1:48:51] Books Bill has gifted frequently.[1:52:29] The Santa Fe Institute.[1:54:35] Bill's board.[1:56:32] Cultivating anti-tribalism.[1:58:13] Twitter: what is it good for?[2:01:14] Newsletters and other resources Bill relies on.[2:03:05] Bill's book in progress.[2:04:12] Regulatory capture.[2:09:10] Predicting what America will look like in 10-20 years.[2:10:50] Parting thoughts.*For show notes and past guests on <a href="http://tim.blog/podcast" rel="noopener noreferrer" target="_blank">The Tim Ferriss Show</a>, please visit <a href="https://tim.blog/podcast/?utm_source=podcast&utm_medium=podcast&utm_campaign=podcast-description" rel="noopener noreferrer" target="_blank">tim.blog/podcast</a>.For deals from sponsors of <a href="http://tim.blog/podcast" rel="noopener noreferrer" target="_blank">The Tim Ferriss Show</a>, please visit <a href="http://tim.blog/podcast-sponsors" rel="noopener noreferrer" target="_blank">tim.blog/podcast-sponsors</a>Sign up for Tim’s email newsletter (5-Bullet Friday) at <a href="https://go.tim.blog/5-bullet-friday-1/" rel="noopener noreferrer" target="_blank">tim.blog/friday</a>.For transcripts of episodes, go to <a href="http://tim.blog/transcripts" rel="noopener noreferrer" target="_blank">tim.blog/transcripts</a>.Discover Tim’s books: <a href="http://tim.blog/books" rel="noopener noreferrer" target="_blank">tim.blog/books</a>.Follow Tim:Twitter: <a href="https://twitter.com/tferriss" rel="noopener noreferrer" target="_blank">twitter.com/tferriss</a> Instagram: <a href="https://instagram.com/timferriss/" rel="noopener noreferrer" target="_blank">instagram.com/timferriss</a>YouTube: <a href="https://www.youtube.com/timferriss" rel="noopener noreferrer" target="_blank">youtube.com/timferriss</a>Facebook: <a href="https://www.facebook.com/TimFerriss/" rel="noopener noreferrer" target="_blank">facebook.com/timferriss</a> LinkedIn: <a href="http://linkedin.com/in/timferriss" rel="noopener noreferrer" target="_blank">linkedin.com/in/timferriss</a>Past guests on <a href="http://tim.blog/podcast" rel="noopener noreferrer" target="_blank">The Tim Ferriss Show</a> include <a href="https://tim.blog/2020/12/08/jerry-seinfeld/" rel="noopener noreferrer" target="_blank">Jerry Seinfeld</a>, <a href="https://tim.blog/2020/06/26/hugh-jackman/" rel="noopener noreferrer" target="_blank">Hugh Jackman</a>, <a href="https://tim.blog/2020/04/16/jane-goodall/" rel="noopener noreferrer" target="_blank">Dr. Jane Goodall</a>, <a href="https://tim.blog/2018/11/27/lebron-james-mike-mancias/" rel="noopener noreferrer" target="_blank">LeBron James</a>, <a href="https://tim.blog/2020/05/20/kevin-hart/" rel="noopener noreferrer" target="_blank">Kevin Hart</a>, <a href="https://tim.blog/2018/09/07/doris-kearns-goodwin-leadership/" rel="noopener noreferrer" target="_blank">Doris Kearns Goodwin</a>, <a href="https://tim.blog/2015/12/06/jamie-foxx/" rel="noopener noreferrer" target="_blank">Jamie Foxx</a>, <a href="https://tim.blog/2020/10/19/matthew-mcconaughey/" rel="noopener noreferrer" target="_blank">Matthew McConaughey</a>, <a href="https://tim.blog/2017/05/21/esther-perel/" rel="noopener noreferrer" target="_blank">Esther Perel</a>, <a href="https://tim.blog/2020/05/08/elizabeth-gilbert/" rel="noopener noreferrer" target="_blank">Elizabeth Gilbert</a>, <a href="https://tim.blog/2017/12/20/terry-crews-how-to-have-do-and-be-all-you-want/" rel="noopener noreferrer" target="_blank">Terry Crews</a>, <a href="https://tim.blog/2020/08/12/sia/" rel="noopener noreferrer" target="_blank">Sia</a>, <a href="https://tim.blog/2020/10/27/yuval-noah-harari/" rel="noopener noreferrer" target="_blank">Yuval Noah Harari</a>, <a href="https://tim.blog/2016/06/21/malcolm-gladwell/" rel="noopener noreferrer" target="_blank">Malcolm Gladwell</a>, <a href="https://tim.blog/2020/05/27/secretary-madeleine-albright/" rel="noopener noreferrer" target="_blank">Madeleine Albright</a>, <a href="https://tim.blog/2017/03/30/cheryl-strayed/" rel="noopener noreferrer" target="_blank">Cheryl Strayed</a>, <a href="https://tim.blog/2019/02/18/jim-collins/" rel="noopener noreferrer" target="_blank">Jim Collins</a>, <a href="https://tim.blog/2020/11/11/mary-karr/" rel="noopener noreferrer" target="_blank">Mary Karr,</a> <a href="https://tim.blog/2014/10/21/brain-pickings/" rel="noopener noreferrer" target="_blank">Maria Popova</a>, <a href="https://tim.blog/2020/05/15/sam-harris-2/" rel="noopener noreferrer" target="_blank">Sam Harris</a>, <a href="https://tim.blog/2021/01/21/michael-phelps-grant-hackett/" rel="noopener noreferrer" target="_blank">Michael Phelps</a>, <a href="https://tim.blog/2020/01/16/bob-iger/" rel="noopener noreferrer" target="_blank">Bob Iger</a>, <a href="https://tim.blog/2019/10/31/edward-norton-motherless-brooklyn/" rel="noopener noreferrer" target="_blank">Edward Norton</a>, <a href="https://tim.blog/2015/02/02/arnold-schwarzenegger/" rel="noopener noreferrer" target="_blank">Arnold Schwarzenegger</a>, <a href="https://tim.blog/2014/06/24/neil-strauss/" rel="noopener noreferrer" target="_blank">Neil Strauss</a>, <a href="https://tim.blog/2019/09/12/ken-burns/" rel="noopener noreferrer" target="_blank">Ken Burns</a>, <a href="https://tim.blog/2017/08/26/maria-sharapova/" rel="noopener noreferrer" target="_blank">Maria Sharapova</a>, <a href="https://tim.blog/2016/05/29/marc-andreessen/" rel="noopener noreferrer" target="_blank">Marc Andreessen</a>, <a href="https://tim.blog/2019/03/28/neil-gaiman/" rel="noopener noreferrer" target="_blank">Neil Gaiman</a>, <a href="https://tim.blog/2019/10/03/neil-degrasse-tyson/" rel="noopener noreferrer" target="_blank">Neil de Grasse Tyson</a>, <a href="https://tim.blog/2016/09/21/jocko-willink-on-discipline-leadership-and-overcoming-doubt/" rel="noopener noreferrer" target="_blank">Jocko Willink</a>, <a href="https://tim.blog/2020/12/03/daniel-ek/" rel="noopener noreferrer" target="_blank">Daniel Ek</a>, <a href="https://tim.blog/2020/09/08/kelly-slater/" rel="noopener noreferrer" target="_blank">Kelly Slater</a>, <a href="https://tim.blog/2019/11/27/peter-attia-fasting-metformin-longevity/" rel="noopener noreferrer" target="_blank">Dr. Peter Attia</a>, <a href="https://tim.blog/2016/02/10/seth-godin/" rel="noopener noreferrer" target="_blank">Seth Godin</a>, <a href="https://tim.blog/2018/09/25/howard-marks/" rel="noopener noreferrer" target="_blank">Howard Marks</a>, <a href="https://tim.blog/2020/02/06/brene-brown-striving-self-acceptance-saving-marriages/" rel="noopener noreferrer" target="_blank">Dr. Brené Brown</a>, <a href="https://tim.blog/2019/04/09/eric-schmidt/" rel="noopener noreferrer" target="_blank">Eric Schmidt</a>, <a href="https://tim.blog/2020/05/01/michael-lewis/" rel="noopener noreferrer" target="_blank">Michael Lewis</a>, <a href="https://tim.blog/2018/03/08/joe-gebbia-co-founder-of-airbnb/" rel="noopener noreferrer" target="_blank">Joe Gebbia</a>, <a href="https://tim.blog/2018/05/06/michael-pollan-how-to-change-your-mind/" rel="noopener noreferrer" target="_blank">Michael Pollan</a>, <a href="https://tim.blog/2021/03/01/jordan-peterson/" rel="noopener noreferrer" target="_blank">Dr. Jordan Peterson</a>, <a href="https://tim.blog/2017/05/31/vince-vaughn/" rel="noopener noreferrer" target="_blank">Vince Vaughn</a>, <a href="https://tim.blog/2020/04/23/brian-koppelman/" rel="noopener noreferrer" target="_blank">Brian Koppelman</a>, <a href="https://tim.blog/2019/05/07/ramit-sethi/" rel="noopener noreferrer" target="_blank">Ramit Sethi</a>, <a href="https://tim.blog/2020/11/18/dax-shepard/" rel="noopener noreferrer" target="_blank">Dax Shepard</a>, <a href="https://tim.blog/2014/10/15/money-master-the-game/" rel="noopener noreferrer" target="_blank">Tony Robbins</a>, <a href="https://tim.blog/2020/05/18/jim-dethmer/" rel="noopener noreferrer" target="_blank">Jim Dethmer</a>, <a href="https://tim.blog/2020/11/19/dan-harris/" rel="noopener noreferrer" target="_blank">Dan Harris</a>, <a href="https://tim.blog/2017/09/13/ray-dalio/" rel="noopener noreferrer" target="_blank">Ray Dalio</a>, <a href="https://tim.blog/2015/08/18/the-evolutionary-angel-naval-ravikant/" rel="noopener noreferrer" target="_blank">Naval Ravikant</a>, <a href="https://tim.blog/2021/03/08/vitalik-buterin-naval-ravikant/" rel="noopener noreferrer" target="_blank">Vitalik Buterin</a>, <a href="https://tim.blog/2021/03/16/elizabeth-lesser/" rel="noopener noreferrer" target="_blank">Elizabeth Lesser</a>, <a href="https://tim.blog/2019/04/18/amanda-palmer-2/" rel="noopener noreferrer" target="_blank">Amanda Palmer</a>, <a href="https://tim.blog/2021/02/18/katie-haun/" rel="noopener noreferrer" target="_blank">Katie Haun</a>, <a href="https://tim.blog/2017/10/09/richard-branson/" rel="noopener noreferrer" target="_blank">Sir Richard Branson</a>, <a href="https://tim.blog/2020/09/02/chuck-palahniuk/" rel="noopener noreferrer" target="_blank">Chuck Palahniuk</a>, <a href="https://tim.blog/2017/10/18/arianna-huffington/" rel="noopener noreferrer" target="_blank">Arianna Huffington</a>, <a href="https://tim.blog/2015/08/31/the-oracle-of-silicon-valley-reid-hoffman-plus-michael-mccullough/" rel="noopener noreferrer" target="_blank">Reid Hoffman</a>, <a href="https://tim.blog/2017/09/17/bill-burr/" rel="noopener noreferrer" target="_blank">Bill Burr</a>, <a href="https://tim.blog/2015/06/26/whitney-cummings/" rel="noopener noreferrer" target="_blank">Whitney Cummings</a>, <a href="https://tim.blog/2015/05/15/rick-rubin/" rel="noopener noreferrer" target="_blank">Rick Rubin</a>, <a href="https://tim.blog/2020/03/26/vivek-murthy/" rel="noopener noreferrer" target="_blank">Dr. Vivek Murthy</a>, <a href="https://tim.blog/2017/09/09/darren-aronofsky/" rel="noopener noreferrer" target="_blank">Darren Aronofsky</a>, <a href="https://tim.blog/2022/02/22/margaret-atwood/" rel="noopener noreferrer" target="_blank">Margaret Atwood</a>, <a href="https://tim.blog/2022/03/24/mark-zuckerberg/" rel="noopener noreferrer" target="_blank">Mark Zuckerberg</a>, <a href="https://tim.blog/2014/09/09/peter-thiel/" rel="noopener noreferrer" target="_blank">Peter Thiel</a>, <a href="https://tim.blog/2018/02/20/gabor-mate/" rel="noopener noreferrer" target="_blank">Dr. Gabor Maté</a>, <a href="https://tim.blog/2021/07/09/anne-lamott/" rel="noopener noreferrer" target="_blank">Anne Lamott</a>, <a href="https://tim.blog/2022/01/12/sarah-silverman/" rel="noopener noreferrer" target="_blank">Sarah Silverman</a>, <a href="https://tim.blog/2021/07/06/andrew-huberman/" rel="noopener noreferrer" target="_blank">Dr. Andrew Huberman</a>, and many more.See Privacy Policy at <a href="https://art19.com/privacy" rel="noopener noreferrer" target="_blank">https://art19.com/privacy</a> and California Privacy Notice at <a href="https://art19.com/privacy#do-not-sell-my-info" rel="noopener noreferrer" target="_blank">https://art19.com/privacy#do-not-sell-my-info</a>.

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#651: 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

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