The value of failure is greatly over-rated. It's a preposterous myth.

A true bubble is when something is overvalued and intensely believed.

If you think your initial market might be too big, it almost certainly is.

You have as much computing power in your iPhone as was available at the time of the Apollo missions. But what is it being used for? It’s being used to throw angry birds at pigs; it’s being used to send pictures of your cat to people halfway around the world; it’s being used to check in as the virtual mayor of a virtual nowhere while you’re riding a subway from the nineteenth century.

Since 1920, the vast increase in welfare beneficiaries and the extension of the franchise to women - two constituencies that are notoriously tough for libertarians - have rendered the notion of "capitalist democracy" into an oxymoron.

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.

Everybody has a product to sell—no matter whether you’re an employee, a founder, or an investor. It’s true even if your company consists of just you and your computer. Look around. If you don’t see any salespeople, you’re the salesperson.