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

As an investor-entrepreneur, I’ve always tried to be contrarian, to go against the crowd, to identify opportunities in places where people are not looking.

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.

Luck is like an atheistic word for God.

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.

Twitter is hard to evaluate. They have a lot of potential. It's a horribly mismanaged company — probably a lot of pot-smoking going on there. But it's such a solid franchise it may even work with all that.

Long-term planning is often undervalued by our indefinite short-term world.