Value investors look at cash flows. If a company can maintain present cash flows for 5 or 6 years, it’s a good investment. Investors then just hope that those cash flows - and thus the company’s value - don’t decrease faster than they anticipate.

Long-term planning is often undervalued by our indefinite short-term world.

Every business is successful exactly to the extent that it does something others cannot.

In a world where wealth is growing, you can get away with printing money. Doubling the debt over the next 20 years is not a problem.

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

Whatever the career, sales ability distinguishes superstars from also-rans.

The zero-sum world [the movie The Social Network] portrayed has nothing in common with the Silicon Valley I know, but I suspect it's a pretty accurate portrayal of the dysfunctional relationships that dominate Hollywood.