All markets have boom and bust cycles, and I think venture capital market has even more exaggerated boom and bust cycles.

Money is information, like bits.

Investing in management means building communication systems, business processes, feedback, and routines that let you scale the business and team as efficiently as possible.

Equity capital is expensive. Every time you do a raise, you dilute.

The strategy of Tumblr is very elegant.. The atomic unit of user experience is the same as the ads.

Early in a startup, product decisions should be hunch driven. Later on, product decisions should be data driven.

The Internet is a computing platform built on top of core technology. Applied technology is what gets built on top of that: It's Web services.