A Quote by Peter Thiel
I do tend to think that things that have incredibly long time horizons often do involve market failures.
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Piracy often reflects market failures on the part of producers rather than moral failures on the part of consumers.
Business schools are failing to teach the students about the risks of market failures. We need to include some material on market failures in the core of curriculum.
Just as outright euphoria is often a sign of a market top, fear is for sure a sign of a market bottom. Time and time again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only treasury bills, you can almost close your eys and get long stocks.
I don't know whether I have ideas all the time. I think I'm curious about things all the time; I think I'm always curious, and I think I'm always interested in whatever passes by, and I know I tend to think about things, and I tend to talk about things, and sometimes that takes root and gives me something to chase.
But if we learn to think of it as anticipation, as learning, as growing, if we think of the time we spend waiting for the big things of life as an opportunity instead of a passing of time, what wonderful horizons open out!
The Japanese tend to communicate via nuance and euphemism, often leaving important things unsaid; whereas Americans tend to think they're being subtle when they refrain from grabbing the listener by the shirt.
I believe in market economics. But to paraphrase Churchill - who said this about democracy and political regimes - a market economy might be the worst economic regime available, apart from the alternatives. I believe that people react to incentives, that incentives matter, and that prices reflect the way things should be allocated. But I also believe that market economies sometimes have market failures, and when these occur, there's a role for prudential - not excessive - regulation of the financial system.
China is exciting because it is an extremely curious and interested market. What more can a designer ask for? The client here is bold and willing to try new things, which a country with a long fashion history wouldn't dare. France or England is weighed down by all these rules, elaborate etiquette, do's and don'ts. Things here move incredibly quickly.
A market does not culminate in one grand blaze of glory. Neither does it end with a sudden reversal of form. A market can and does often cease to be a bull market long before prices generally begin to break.
People, for reasons of their own, often fail to do things that would be good for them or good for society. Those failures - joined with the similar failures of others - can readily have a substantial effect on interstate commerce.
I think markets are often not thinking on a long-time horizon, I think that our government structurally is doing even less so. When we have a government where we have people who are up for election at most once every six years for a U.S. senator, that's a time horizon that is much shorter than in a market that a company is looking at 10, 15, 20 years which is a time horizon over which a stock price is typically valued.
Brain surgeons are dealing with the very last thread of life, and they have to be very confident, but I think they tend to remember their failures rather than their successes, and that must be very hard. Who do you share that failure with? That's why their personal lives are often disastrous.
The government's ability to select scientists and pick things that are fairly strange, because politicians don't like failures. They're only in office a short term, and many of these things take a long time.
I often tend to think that things are not what they seem.
All of the things that people said that I would experience - that idea that you suddenly have this new person in your life that you could love so much and that time will go incredibly quickly, but that the nights will seem incredibly long - all of that has been true, but it has been wonderful.
I have the good fortune of working with two brothers who are very accomplished, incredibly smart, and very capable. So thankfully there is not an issue in that regard where somebody isn't pulling their own weight. We collaborate all the time. We tend to take different paths, but we tend to reach very similar conclusions. It's actually great because it allows us to be much more creative in the process of getting things done.
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