As you craft a plan to expand to adjacent markets, don't disrupt: Avoid competition as much as possible.

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.

In the developed world, technological progress means that you can have a situation where there's growth, where there's a way in which everybody can be better off over time.

What nerds miss is that it takes hard work to make sales look easy.

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.

It is sort of a bit of a caricature of capitalism, that it's always this zero-sum game where you have winners and losers. Silicon Valley, the technology industry at its best, creates a situation where everybody can be a winner.

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.