What we need to do is always lean into the future; when the world changes around you and when it changes against you - what used to be a tail wind is now a head wind - you have to lean into that and figure out what to do because complaining isn't a strategy.

The people who are right a lot often change their minds.

I've not seen an effective manager or leader who can't spend some fraction of time down in the trenches... If they don't do that they get out of touch with reality, and their whole thought and management process becomes abstract and disconnected.

What's dangerous is not to evolve.

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.

We also have no incentive compensation of any kind. And the reason we don’t is because it is detrimental to teamwork.

Percentage margins don't matter. What matters always is dollar margins: the actual dollar amount. Companies are valued not on their percentage margins, but on how many dollars they actually make, and a multiple of that.