JOE LONSDALE

The best opportunities are in the places everyone else finds too hard, too regulated, or too boring. That's where you find real moats.

Silicon Valley has an obligation to work on national security. Pretending otherwise is naive and irresponsible.

Most VCs think their job is to pick the right horses. The best ones help build the horse.

California isn't ungovernable. It's just governed by people who've decided dysfunction is acceptable.

If you want to change how the government works, you have to build the software it runs on. Complaining doesn't scale.

The founders who build things that matter are the ones willing to work in unsexy, difficult, slow-moving domains for a decade.