VALUE

In the short run, the market is a voting machine. In the long run, it is a weighing machine.

Bitcoin is the most pristine collateral the world has ever seen.

Bitcoin is a fiscal and monetary Swiss Army knife.

If you give away your secrets, the people who would steal them were never going to buy anyway. The people who buy want you to implement the secrets for them.

The goal is not to be liked. The goal is to be useful.

The value of financial planning isn't stock picking. It's tax planning, behavioral coaching, and coordination.

If you're only managing investments, you're leaving 80% of the planning value on the table.

YouTube, Spotify, Instagram — they all pay creators in pennies per view. Patreon pays in dollars per fan. Turns out fans are worth more than views.

We're the only tool your CFO will thank you for buying. Every other tool adds to the budget. We reduce it.

A refurbished iPhone costs 40% less, works the same, and doesn't require mining anything from the earth. The only reason people don't buy refurbished is stigma. We're killing the stigma.

A $2,000 mattress cover sounds expensive until you compare it to what people spend on supplements that don't work. We have the data to prove ours does.

A pair of Air Jordan 1 OGs can sell for $5,000. A fake pair sells for $200. The price gap between real and fake is so large that authentication isn't just a feature — it's the entire value proposition.

A pair of Travis Scott Air Jordan 1s sold for $2,000 on StockX. Retail was $175. We didn't create that demand. We just made it transparent. Before StockX, that same pair sold for $2,000 on Instagram — with zero buyer protection.

The secret to retail is not selling things. It is buying things cheaper than anyone else and passing the savings to the customer.

A $2,000 phone that does the same thing as a $500 phone is not a superior product. It is a tax on people who don't know any better.

Bitcoin is gold 2.0. It does everything gold does — store of value, hedge against inflation, scarcity — but it fits in your pocket and moves at the speed of light.

We solved the most boring-sounding problem in crypto and it turned out to be the most important one. Plumbing isn't exciting. But nothing works without plumbing.

The most valuable thing in crypto isn't Bitcoin or Ethereum. It's a dollar on a blockchain. USDC moves $10 billion a day because people need stable value — not volatile speculation — to actually build financial applications.

Every agent who joins Compass closes more deals. If we lose that edge we lose everything.

PayPal was inside eBay. We bought it for 1.5 billion. It became worth 300 billion. Sometimes your best investment is the one hiding inside your company.

The stock market is filled with individuals who know the price of everything, but the value of nothing.

If a stock is cheap enough, I don't need to know the story. The balance sheet tells me everything I need.

Try to buy assets at a discount rather than buying earnings. Earnings can change dramatically in a short time.

The market rewards factors, not feelings. Cheap stocks with momentum beat expensive stocks with great stories.

If a stock is in the cheapest decile by enterprise value to operating earnings, I don't need to know the story.

The biggest returns come from the biggest messes. Clean companies trade at premium prices.

Cheapness is the single most important factor in investing. Not quality. Not growth. Cheapness.

The human tendency to overreact is permanent. That's why deep value always comes back.

Distressed markets offer the best risk-adjusted returns. When companies are in crisis, assets sell at fire-sale prices.

Our customers don't love Deel because it's cool. They love it because it makes an impossible problem disappear.

SoulCycle charges $35 per class. Peloton is unlimited classes for $44 per month. The math sells itself.

Being better than free is hard. But when free means managing Kafka yourself, our managed service sells itself.

Competing with free is our entire business challenge. We have to be so much better that paid beats free.

Lululemon charges $128 for leggings. Ours are just as good at $59. In a recession, we win that comparison.

Amazon buying us for $970 million in 2014 looked expensive. It generates $2.5 billion in revenue now.

The way to build a great fortune is to build a great enterprise. The money follows the value.

Fifth Avenue storefronts are irreplaceable. There are only so many of them. That's the definition of scarcity.

We don't buy companies to strip them. We buy companies to make them better.

1% listing fee, salaried agents, better technology. We offer a better deal. The math is simple.

The most boring part of e-commerce — printing shipping labels — is also the most valuable to simplify.

Licensed IP is expensive and restrictive. But Marvel on your phone is worth more than an original character.

$1.1 billion raised to automate the world's most boring tasks. Boring is beautiful.

I don't invest in industries. I invest in great assets that are being undervalued or undermanaged.

I buy what the big companies don't want. They think they're selling liabilities. I know I'm buying assets.

The Dodgers were called the most overpaid sports purchase in history. They're now worth three times what we paid. Patience wins.

eBay paid $2.6 billion for Skype. Microsoft paid $8.5 billion. The lesson: great technology only gets more valuable.

Budget does not mean bad. It means efficient. OYO's entire model is about making affordable mean excellent.

I started with scrap. People laughed. Scrap is how you learn that everything has value if you know how to find it.

Five championships. Four Olympic golds. I am the all-time scorer in WNBA history. Now tell me again why this league is not worth investing in.

Art and oil have more in common than people think. Both are finite resources whose value depends entirely on what someone is willing to pay.

Consumer surplus is the only real moat. If you give people more value than they expect, they will always come back.

A luxury brand is not just a product. It is a dream. If you destroy the dream, the product is worthless.

A Concept2 costs $900 and lasts forever. We cost $2,500 and require a subscription. We have to make the experience worth that gap. Every single day.

A good bargain in stocks is just as good as a bargain in anything else.

If a customer saves one euro with us, we have done our job.

People used to think I was a fool for overpaying for Paramount. Now the only question is whether I was wise enough.

I have spent my career acquiring brands that the market undervalues. I am very good at knowing the difference between a brand that is broken and a brand that is merely out of fashion.

The Bitcoin cost debate is really the Bitcoin value debate. If you find Bitcoin useful, then the energy used to secure it is not waste.

If the collective group of people on the internet believes something has value, it has value.

We are in a world where belief equals value.

Shared, open data is what changes the game. It lowers the barriers to competition at the app layer and pushes value down to the protocol.

The market cap of the protocol always grows faster than the combined value of the applications built on top of it.