Under perfect competition, in the long run no company makes an economic profit.

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.

University administrators are the equivalent of subprime mortgage brokers selling you a story that you should go into debt massively, that it's not a consumption decision, it's an investment decision. Actually, no, it's a bad consumption decision. Most colleges are four-year parties.

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.

Darwinism may be a fine theory in other contexts, but in startups, intelligent design works best.

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

Beginning with brand rather than substance is dangerous.