Bill Gurley Time Quotations

Most firms are hierarchical in nature, with everyone getting different slices of the economic pie. The problem is those slices are negotiated every time a firm raises a new fund, so in between funds, which is most of the time, the partners are trying to outgun one another to make a stronger case for themselves.

Many consumer Internet business executives are loyalists of the Lifetime Value model, often referred to as the LTV model or formula. Lifetime value is the net present value of the profit stream of a customer.

The first time you went to eBay, you probably didn't do a transaction.