If people were super-optimistic about technology there would be no reason to be pessimistic about the future.

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

We need more pessimism that the future might be a lot worse, and we need more optimism that the future might be better.

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

The business model piece is we're always talking about competing more effectively. If you're starting a company or career you don't want to compete. You want to create a monopoly. We want to invest in a company that has a good plan to create a monopoly.

Luck is like an atheistic word for God.

For a new payment product, you always have to ask, how much better is it than the current solution? So when we started Paypal, for eBay micro merchants, it was much better than getting the 7 to 10 days process of cashing a check in the mail. When you look at stores or physical worlds, places, a lot of these places are already set up to take cash or credit card. Apple Pay may be an incremental improvement, maybe a little bit better. But when you have something that's pretty good and you go to something that's perfect, sometimes it's very hard to drive adoption because the delta is not that big.