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Bill Gurley

Bill Gurley

@bill-gurley · 16 positions · On ppll ↗

General partner at Benchmark Capital for over two decades; was the lead analyst on Amazon's IPO before moving into venture capital. Writes Above the Crowd on tech and marketplace economics.

Bill Gurley did not write this page.

We collected these quotes from things they published elsewhere, and every quote links to where it was said. They have no account here and have not endorsed this site. Quotes are word for word; the short line under each one is our own restatement, not their wording. Their own site. Is this you? Claim it or ask us to remove it. Or tell us what is wrong here.

3 of Bill Gurley's claims fit 2 mental models. Most often: Second-order thinking, Power laws.

Models they name

Their own words name the idea.

Power laws

In many things a few cases account for most of the result, so the average misleads and the outlier decides.

Used by 25 others

Investors have collectively absorbed the idea of increasing returns and power laws, and that belief is what makes them take ever more risk.

  1. Bill Gurley General partner at Benchmark Capital for over two decades the investor community writ large has slowly become aware of and believes it strongly in increasing returns and power laws. And so over time, if they all believe that, they're going to be more willing to invest on the come and take risk. Mental Models That Change How You Think | Bill Gurleyyoutube.com · 9 Jun 2026 · 0:26:01 into the videoAll korrents from this video
    the investor community writ large has slowly become aware of and believes it strongly in increasing returns and power laws. And so over time, if they all believe that, they're going to be more willing to invest on the come and take risk.

    Watch from 0:26:01 plays here

    ↗Mental Models That Change How You Think | Bill Gurleyyoutube.com

    9 Jun 2026 · video · 1h 01m · spoken · machine transcript

Models we see in what they say

Our reading: their claim applies the idea without naming it. The claim is theirs; filing it here is ours.

Second-order thinking

Ask "and then what?": follow a decision past its first effect to the ones that come after.

Used by 88 others

Optimising a single metric is a trap, because the second-order consequences of the change only surface much later.

  1. Bill Gurley General partner at Benchmark Capital for over two decades you got to be really conscious of the consequence and not get too deterministic about a single metric or a single variable and know what's important and what's on top. Mental Models That Change How You Think | Bill Gurleyyoutube.com · 9 Jun 2026 · 0:01:49 into the videoAll korrents from this video
    you got to be really conscious of the consequence and not get too deterministic about a single metric or a single variable and know what's important and what's on top.

    Watch from 0:01:49 plays here

    ↗Mental Models That Change How You Think | Bill Gurleyyoutube.com

    9 Jun 2026 · video · 1h 01m · spoken · machine transcript

Costly and burdensome AI regulation would entrench an oligopoly, which is why some incumbents are asking to be regulated.

  1. Bill Gurley General partner at Benchmark Capital for over two decades the regulation gets extremely difficult and mundane and expensive that could actually lead to more igopoly and I think some of the players know that and are begging for regulation. Mental Models That Change How You Think | Bill Gurleyyoutube.com · 9 Jun 2026 · 0:13:56 into the videoAll korrents from this video
    the regulation gets extremely difficult and mundane and expensive that could actually lead to more igopoly and I think some of the players know that and are begging for regulation.

    Watch from 0:13:56 plays here

    ↗Mental Models That Change How You Think | Bill Gurleyyoutube.com

    9 Jun 2026 · video · 1h 01m · spoken · machine transcript