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.

Read the Declaration of Independence to your children as a tradition every Fourth of July. Make sure they understand why the word "pursuit" precedes the word "happiness."

We watch our competitors, learn from them, see the things that they were doing for customers and copy those things as much as we can.

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

I wanted to project myself forward to age 80 and say, ‘OK, I’m looking back on my life. I want to minimise the number of regrets I have.’ And I knew that when I was 80, I was not going to regret having tried this. I was not going to regret trying to participate in this thing called the Internet that I thought was going to be a really big deal. I knew that if I failed, I wouldn’t regret that. But I knew the one thing I might regret is not ever having tried. I knew that that would haunt me every day.

I don't buy stocks, I make stocks.

If you're going to invest in an Internet stock, you must be a long-term investor.