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

My venture investing career has three phases, all roughly 6-8 years long. The first, at Euclid, was software to Internet. The second, at Flatiron, was Internet to bubble. And the third, at USV, has been web 2 to mobile. I have always used a new firm to denote a new investment phase for me. Throw away the old. Start with the new.

Skyping with your spouse works well enough, but apparently it is hard to get the kids to hang out on Skype for long.

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

The companies that do the best job on managing a user's privacy will be the companies that ultimately are the most successful.

Not acknowledging that beauty is complex-that's the problem. I enjoy making it complex for people, because that's my world.

Board meetings should not be for the benefit of the board. They should be for the benefit of the CEO and the senior team.