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.

I strongly believe that missionaries make better products. They care more. For a missionary, it's not just about the business. There has to be a business, and the business has to make sense, but that's not why you do it. You do it because you have something meaningful that motivates you.

If you only do things where you know the answer in advance, your company goes away.

I think there are going to be a bunch of tablet-like devices. It's really a different product category.

Though we are optimistic, we must remain vigilant and maintain a sense of urgency.

If you look at academic studies, you can see that stock prices are most closely correlated with cash flow. It's such a straightforward number. Cash flow is what will drive shareholder returns.

I don't know about you, but most of my exchanges with cashiers are not that meaningful.