CONVICTION

Know what you own, and know why you own it.

The stock investor is neither right nor wrong because others agreed or disagreed with him; he is right because his facts and analysis are correct.

It's not whether you're right or wrong, but how much money you make when you're right and how much you lose when you're wrong.

I have always believed that a single talented analyst, working very hard, can cover an amazing amount of investment landscape.

I looked at the data and thought — this is going to end badly.

The larger the divergence between price and value, the more compelling the opportunity.

I have never wavered on the innovation theme. The question is timing. And we believe timing is irrelevant over a five-year horizon.

I bought Tesla when everyone thought it was going bankrupt. I held through every dip. That is the only way you catch a 10x.

If you understand Bitcoin, you buy as much as you can and hold it forever. There is no price at which I would sell.

The question is not whether Bitcoin will succeed. The question is how long it will take.

The key risk is not that Bitcoin goes to zero. The key risk is that you sell it at the wrong time.

When something is important enough, you do it even if the odds are not in your favor.

I would rather be wrong in public and learn than right in private and stay comfortable.

If you don't believe in what you're selling, nobody else will either.

Every great investment I ever made seemed crazy at the time I made it.

The best founders are the ones who see the world differently and refuse to accept no for an answer.

Don't diversify for the sake of it. If you have conviction, concentrate.

Twitter was this weird little thing that nobody at Google took seriously. I couldn't stop buying it.

Every billion-dollar company looked like a terrible idea at the beginning. That's the point.

We said no to twelve billion dollars because we believe Discord can be something much bigger.

I told Cisco we needed to rebuild WebEx from scratch. They said no. So I went and built it myself.

I read the Bitcoin white paper on a Saturday night in 2010 and couldn't sleep for a week. I knew this was going to change everything.

NFTs aren't going away. The speculation might cool down — it already has — but the technology of provable digital ownership is permanent. We're building for the long term, not the hype cycle.