Luck is like an atheistic word for God.

I think China thinks information technology is less important than we think it is in the US, economically, and more important politically. And so Chinese internet companies are extremely political, they're protected behind the great firewall of China, and investment in Alibaba is good as long as Jack Ma stays in the good graces of the Chinese communist party. Alibaba is largely copying various business models from the US; they have combined some things in interesting new ways, but I think it's fundamentally a business that works because of the political protection you get in China.

Had the people who started Facebook decided to stay at Harvard, they would not have been able to build the company, and by the time they graduated in 2006, that window probably would have come and gone.

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

In the '30s, the Keynesian stuff worked at least in the sense that you could print money without inflation because there was all this productivity growth happening. That's not going to work today.

Forget startup companies. The next frontier is startup countries.

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.