Gray hats are the ones who think they're doing good, but they're not. You learn that when the FBI shows up on your doorstep.

The leader of a company needs to have a decision tree in his head - if this happens, we go this way, but if it winds up like that, then we go this other way.

The market is ridiculously overcrowded with early stage investors. This results in a talent drain, where the best talent gets diffused and work for their own startups.

You can now be a master of your own destiny. I'm not sure why you would sign up with a record label.

I think Facebook's biggest problem is the glut of information that Facebook's power users are overwhelmed with.

If I were worried about my reputation, I wouldn't do anything with start-ups

Ever since Napster I've dreamt of building a product similar to Spotify.