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b'My guest this week is Bill Gurley, general partner at Benchmark Capital. Our conversation is about one specific issue that has popped up as a topic of interest in the investing community in recent months: the comparison between bringing a company public through a traditional IPO vs. what\\u2019s known as a direct listing.\\n As a third party observer with no real dog in the hunt (as we don\\u2019t buy IPOs at O\\u2019Shaughnessy Asset Management), I thought this was a small and nuanced issue. I\\u2019ve therefore been surprised by the strength of opinions on both sides of this issue as I\\u2019ve explored it behind the scenes this past week. It feels almost like I\\u2019ve encountered a political third rail, where one side throws a lot of vitriol towards the other.\\xa0\\n To be clear, this episode is very much in favor of direct listings instead of traditional IPOs. For those that want a good discussion of the IPO process and its upsides, check out episode 173 of the Exponent podcast with Ben Thompson.\\xa0\\n Now please enjoy my very interesting conversation with Bill Gurley\\n \\xa0\\n For more episodes go to InvestorFieldGuide.com/podcast.\\n Sign up for the book club, where you\\u2019ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.\\n Follow Patrick on Twitter at @patrick_oshag\\n \\xa0\\n Show Notes\\n 1:22 - (First Question) \\u2013 His view on the IPO process\\n 5:42 \\u2013 Will now be the turning point for IPO\\u2019s\\n 6:40 \\u2013 The engagement between a new company going public and their counterparty and the IPO process\\n 13:38 \\u2013 The math of capital costs\\n 18:18 \\u2013 Banks that underprice the IPO\\u2019s\\n 20:45 \\u2013 The psychology of IPO\\u2019s\\n 23:14 \\u2013 The pop in the IPO and the media\\n 24:54 \\u2013 The value that shareholders give vs VC\\u2019s\\n 25:37 \\u2013 The Green Shoots\\n 28:17 \\u2013 The lock-up\\n 31:40 \\u2013 Direct listings vs IPO\\u2019s\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 36:07 \\u2013 Spotify\\u2019s CEO Reveals Why He\\u2019s Not Doing a Traditional IPO\\n 38:23 \\u2013 The capital raised in an IPO and diluting the company\\n 40:18 \\u2013 Privilege access and buy-side firms\\n 43:33 \\u2013 What will actually lead to changes in the IPO space\\n 44:48 \\u2013 Why he became so interested in the IPO space\\n \\xa0\\n Learn More\\n For more episodes go to InvestorFieldGuide.com/podcast.\\xa0\\n Sign up for the book club, where you\\u2019ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub\\n Follow Patrick on Twitter at @patrick_oshag'