If we're in a bubble, it's the weirdest bubble I've ever seen, where everybody hates everything.

I know where I'm putting my money.

China is very entrepreneurial but has no rule of law. Europe has rule of law but isn't entrepreneurial. Combine rule of law, entrepreneurialism and a generally pro-business policy, and you have Apple.

Around '93, '94, the conventional wisdom about the Internet was that it was a toy for academics and researchers. So it was very, very underestimated for about two years.

At Microsoft, they all rock back and forth like Gates, they wear the same glasses, they have the same hair style. Maybe they grow them in tanks.

The smartphone revolution is under-hyped, more people have access to phones than access to running water. We've never had anything like this before since the beginning of the planet.

There's a new generation of entrepreneurs in the Valley who have arrived since 2000, after the dotcom bust. They're completely fearless.