And the Russians certainly don't have it. If a woman shows up in a fur coat, I just assume she's a crook. And that's me, the nice American. The assumption that you can't make money honestly is a killer.

People still have a choice, but, if they find it all too confusing, or they just want someone else to make a choice for them, there's a default that works pretty well. That's this concept of libertarian paternalism. And it's handy.

The best investor is your customer.

Well, take the evolution of the Electronic Frontier Foundation. It began as hackers' rights. Then it became general civil liberties of everybody - government stay away.

The inner sort of consumer identity got the best of people. And everybody just wants things for free. And that's created this strange kind of cheapness to everything, where everything becomes throwaway. And people, I think, have started to undervalue things, maybe because there's too much, maybe because it's too easy to make, but I think mostly just because, somehow, that's the pattern that got set. And I think that's regrettable.

There's almost no way of doing importing honestly, because if you do you're at such a disadvantage competitively. So people spend huge amounts of effort getting around stupid laws and not paying taxes.

I would like to see us shake-in, instead of a shakeout, in the sense that it's true that there's a lot of junk online, and we have to filter it and so forth.