The Financial Times is a wonderful publication, as is the Wall Street Journal and many others. But the new generation is consuming media fundamentally differently. At Business Insider, we have the chance to embrace that whole-heartedly. We do not have a print legacy, digital is not our second business behind a newspaper. It is our only one.

[T]here's a difference between confident leadership and empty-headed delusion or cheerleading. And this is a difference that many CEOs miss.

Arrogance follows distribution strength.

There's too much bad. The worst is mediocre. Bad is easy. There's high quality, there's pornography, and then there's bad.

Wrapping rubber bands around a watermelon is not journalism. It is entertainment. But the key to success in media has always been a broad mix of serious reporting and entertainment. The New York Times does not make its money on reports about Iraq and Syria. It makes money on its gardening section, food and, yes, stories about cats. "The Today Show" is a very successful program because it is a mix of the celebrity chef and the crazy pet who does the rolls and serious news and interviews.

Fifteen years ago, nobody thought that content would ever work as a business. It was impossible to raise any money, initial investments were $10,000, seldom $100,000. It is only over the last two or three years that we have started to see very large amounts of capital coming into the digital industry. That has created a lot more competition.

Some people have made a fortune by being employed. Jerry Bruckheimer does not own his content. Warner Bros. owns his shows. They are on CBS, and he makes a fortune.