Vertical progress is harder to imagine because it requires doing something nobody else has ever done. - Peter Thiel

what valuable company is nobody building? Every correct answer is necessarily a secret: something important and unknown, something hard to do but doable. If there are many secrets left in the world, there are probably many world-changing companies yet to be started.

Recruiting should never be outsourced. Everyone at your company should be different in the same way.

In economics, disbelief in secrets leads to faith in efficient markets. But the existence of financial bubbles shows that markets can have extraordinary inefficiencies. (And the more people believe in efficiency, the bigger the bubbles get.)