I think technology advanced faster than anticipated. In that whirlwind, a lot of companies didn't survive. The reason we have done well is because, even in that whirlwind, we kept heads-down focused on the customers. All the metrics that we can track about customers have improved every year.

If you can't feed a team with two pizzas, it's too large.

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.

Determine what your customers need, and work backwards.

Your margin is my opportunity.

Obsess about customers, not competitors.

What consumerism really is, at its worst is getting people to buy things that don't actually improve their lives.