Gurley spoke again and again on not getting Google, being put off by its valuation as many were back then. “[We are] looking for positive black swans if you think you see one any price is kinda any price,” he said of the mounting valuation mania around unicorns. “The Google round-- because I was there went down-- $80 million-$90 million [pre-money valuation] with no revenue and it seemed crazy. You can only lose one time your money the real losses are the missed outcomes. You have to teach yourself to be more optimistic than maybe you were programmed to yourself because there’s way more cost to a false negative.”