Airbnb is undervalued.

Investors are always biased to invest in things they themselves understand. So venture capitalists like Uber because they like driving in black town cars. They don't like Airbnb because they like staying in five-star hotels, not sleeping on people's couches.

Men and machines are good at different things. People form plans and make decisions in complicated situations. We are less good at making sense of enormous amounts of data. Computers are exactly the opposite: they excel at efficient data processing but struggle to make basic judgments that would be simple for any human.

It's good to test yourself and develop your talents and ambitions as fully as you can and achieve greater success; but I think success is the feeling you get from a job well done, and the key thing is to do the work.

Whenever I talk to people who founded a company, I often like to ask the prehistory questions 'When did you meet? How long have you been working before you started the company?' A bad answer is, 'We met at a networking event a week ago, and we started a company because we both want to be entrepreneurs.'

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.