📶 Bill Gurley's 2025 state of the union

A temperature check for the asset class, becoming an attention-first investor, and the two sectors eating up the majority of venture dollars today

June 12, 2025 • Estimated Reading Time: 8 minutes

Together with

Good morning đź‘‹

Bill Gurley was one of the first people I started learning from when I got into venture, and he is still one of the wisest investors in the world. He’s been through multiple cycles, and he can act as a voice of reason when things get too good or bad.

Earlier this week, he gave his unofficial “state of venture” report to Patrick O’Shaugnessy, and I listened to every word.

These are the main things that stuck out to me …

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