'Jeff, what does Day 2 look like?' 'Day 2 is stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death. And that is why it is always Day 1.' To be sure, this kind of decline would happen in extreme slow motion. An established company might harvest Day 2 for decades, but the final result would still come.

The best farmers don't just raise animals; they cultivate ecosystems.

The intersection of mathematics and computer science is where some of the most exciting discoveries are made.

成功投资的关键是拥有对基本面的深刻理解、纪律性的方法、对市场的清晰理解、长期视角以及对风险和回报的清晰理解。

The main task in life is simply this: to identify and separate matters so that I can say clearly to myself which are externals not under my control, and which have to do with the choices I actually control.

过去从未死去。它甚至不是过去。