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

I believe we are in a world where innovation in stuff was outlawed. It was basically outlawed in the last 40 years - part of it was environmentalism, part of it was risk aversion.

Great tech opportunities happen only once.

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

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 '30s, the Keynesian stuff worked at least in the sense that you could print money without inflation because there was all this productivity growth happening. That's not going to work today.

First, only invest in companies that have the potential to return the value of the entire fund.