Forget startup companies. The next frontier is startup countries.

People working on bigger ideas on a more protracted timeline will be more on the stealth side. They aren’t releasing new PR announcements every day. The bigger the secret and the likelier it is that you alone have it, the more time you have to execute. There may be far more people going after hard secrets than we think.

No company has a culture; every company is a culture.

Competition is overrated. In practice it is quite destructive and should be avoided wherever possible. Much better than fighting for scraps in existing markets is to create and own new ones.

The idea of becoming an entrepreneur is something that is not taught very well in school and is something that people should try to do earlier on.

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.

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.