I think that markets classically fail in cases where there are public goods that provide benefits that people cannot capture. The big debate is how big these public goods are, where they exist, things of that sort.

Rivalry causes us to overemphasize old opportunities and slavishly copy what has worked in the past.

Of the six people who started PayPal, four had built bombs in high school.

Technology and capitalism are very much linked. I think that capitalism probably works best in a technologically progressing society.

Brilliant thinking is rare, but courage is in even shorter supply than genius.

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.

Everybody has a product to sell—no matter whether you’re an employee, a founder, or an investor. It’s true even if your company consists of just you and your computer. Look around. If you don’t see any salespeople, you’re the salesperson.