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

EVERY MOMENT IN business happens only once. The next Bill Gates will not build an operating system. The next Larry Page or Sergey Brin won’t make a search engine. And the next Mark Zuckerberg won’t create a social network. If you are copying these guys, you aren’t learning from them.

Every tech story is different. Every moment in history happens only once. All successful companies are successful in their own unique way. It's your task to figure out what that future history will be.

When you already have $150 billion a year in revenues from the iPhone, it's very hard to come up with any new vertical that will sort of move the dial. And there's this sort of weird effect where the larger a company gets, the harder it is to come up with any new product that really moves the dial.

The road doesn’t have to be infinite after all. Take the hidden paths.

The developing world can just do things that are extensive or horizontal, that basically copy. The developed world needs to do things that are intensive or vertical, where we take our civilization to the next level.

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.