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.

A true bubble is when something is overvalued and intensely believed. Education may be the only thing people still believe in in the United States. To question education is really dangerous. It is the absolute taboo. It's like telling the world there's no Santa Claus.

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.

Rivalry causes us to overemphasize old opportunities and slavishly copy what has worked in the past.

A startup is the largest endeavor over which you can have definite mastery. You can have agency not just over your own life, but over a small and important part of the world. It begins by rejecting the unjust tyranny of Chance. You are not a lottery ticket.

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

The college kids should think hard about what they're doing. If you have a great idea for a company, there's no right time to start it, and it's often better to start it sooner rather than later. I went to Stanford undergrad and Stanford Law School, and if I had to do it over again, I might still do those things, but I wish I had asked the type of questions like, why I was doing it, was it just for the status and prestige, or was it because I was really interested in the substance of it.