Real estate is the key cost of physical retailers. That's why there's the old saw: location, location, location.

Above all else, align with customers. Win when they win. Win only when they win.

Invention requires a long-term willingness to be misunderstood.

The world is littered with corpses that predicted technology in a particular arena was done. If there's another gigantic step change out there, we don't yet know what it is.

I like to be counted on.

We are our choices. Build yourself a great story.

On the Internet, companies are scale businesses, characterized by high fixed costs and relatively low variable costs. You can be two sizes: You can be big, or you can be small. It's very hard to be medium. A lot of medium-sized companies had the financing rug pulled out from under them before they could get big.