Percentage margins are not one of the things we are seeking to optimize. It’s the absolute dollar free cash flow per share that you want to maximize, and if you can do that by lowering margins, we would do that. So if you could take the free cash flow, that’s something that investors can spend. Investors can’t spend percentage margins.

A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.

You don't choose your passions; your passions choose you.

Things never go smoothly.

You don't want to negotiate the price of simple things you buy every day.

I'm not prepared to make any multi-decade commitments.

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.