Entrepreneurs must be willing to be misunderstood for long periods of time.

I'm not saying that advertising is going away. But the balance is shifting. If today the successful recipe is to put 70 percent of your energy into shouting about your service and 30 percent into making it great, over the next 20 years I think that's going to invert.

You cannot make a business case that you should be who you are not

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

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.

You know, we love stories and we love narrative; we love to get lost in an author's world.

I don't buy stocks, I make stocks.