The idea of becoming an entrepreneur is something that is not taught very well in school and is something that people should try to do earlier on.

Competition is overrated. In practice it is quite destructive and should be avoided wherever possible. Much better than fighting for scraps in existing markets is to create and own new ones.

You want to be the last company in a category. Those are the ones that are really valuable.

It's a horribly mismanaged company-probably a lot of pot smoking going on there.

I think China thinks information technology is less important than we think it is in the US, economically, and more important politically. And so Chinese internet companies are extremely political, they're protected behind the great firewall of China, and investment in Alibaba is good as long as Jack Ma stays in the good graces of the Chinese communist party. Alibaba is largely copying various business models from the US; they have combined some things in interesting new ways, but I think it's fundamentally a business that works because of the political protection you get in China.

I do tend to think that things that have incredibly long time horizons often do involve market failures.

Forget startup companies. The next frontier is startup countries.