All Rhodes Scholars had a great future in their past.

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.

When you are starting a new business you don't want to go after giant markets. You want to go after small markets and take over those markets quickly.

Every university…seem[s] to reassure you that ‘it doesn’t matter what you do, as long as you do it well.’ That is completely false. It does matter what you do. You should focus relentlessly at something you’re good at doing, but before that you must think hard about whether it will be valuable in the future.

We cannot take for granted that the future will be better, and that means we need to work to create it today.

What valuable company is nobody building?

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.