Twitter is hard to evaluate. They have a lot of potential. It's a horribly mismanaged company — probably a lot of pot-smoking going on there. But it's such a solid franchise it may even work with all that.

You'll attract the employees you need if you can explain why your mission is compelling: not why it's important in general, but why you're doing something important that no one else is going to get done.

Value investors look at cash flows. If a company can maintain present cash flows for 5 or 6 years, it’s a good investment. Investors then just hope that those cash flows - and thus the company’s value - don’t decrease faster than they anticipate.

One of the reasons I think people are increasingly nervous about U.S. debt is because they think that we are not actually digging ourselves out of the hole, but instead are digging ourselves into a deeper and deeper hole and will not be able to pay it back because we're not actually creating the new technologies that will enable us to pay back and the money somehow is not really being invested in the future or in progress.

Technology and capitalism are very much linked. I think that capitalism probably works best in a technologically progressing society.

If you can identify a delusional popular belief, you can find what lies hidden behind it: the contrarian truth.

I think we have a bubble in the US in government bonds, because of the quantitative easing and the negative real interest rates, and to some extent, that increases asset values across the board, including in startups.