1. I am not a short seller.

It isn’t my job as an entrepreneur, and it’s not my job when investing, to pick the losers. So it’s not worth spending a lot of energy trying to prove that a particular company isn’t going to make it, most aren’t. Much more important is trying to figure out those rare few companies and few individuals that might break through, and the ripple effects if they succeed. I try and focus my effort spending time there. 

His very next line is that hype is necessary but not sufficient.

I did enjoy this rant:

It matters that Square is not just growing revenue-wise but commands thought leadership to potentially change payments. It matters that AngelList is materially effecting how some people are fundraising, and worth planning how that could possibly effect everything else. It matters that the YCombinator alumni could get large enough, and wealthy enough, to completely self fund each class internally and separate from the early stage ecosystem altogether.