The biggest secret in venture capital is that the best investment in a successful fund equals or outperforms the entire rest of the fund combined.

No company has a culture; every company is a culture.

When you are starting a new business you don't want to go after giant markets. You want to go after small markets and take over those markets quickly.

I think markets are often not thinking on a long-time horizon, I think that our government structurally is doing even less so. When we have a government where we have people who are up for election at most once every six years for a U.S. senator, that's a time horizon that is much shorter than in a market that a company is looking at 10, 15, 20 years which is a time horizon over which a stock price is typically valued.

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.

If you focus on near-term growth above all else, you miss the most important question you should be asking: will this business still be around a decade from now?

Big part of the challenge to innovation is that people too easily resign themselves to dying.