Top quote: “Regulation is the friend of the incumbent.” – Bill Gurley

Inspiring principle: “Rivals should inspire you to be better – any other light is incorrect.”

Bottom line: Reducing inefficiencies in military spending should be a bipartisan issue.

Interesting take: You couldn’t tell when the dot com bubble happened if you were just looking at a graph of internet activity. The reality of the demand for the underlying service didn’t change.

Future leaning: Fusion is coming in the next 20 years – which company will be the winner in that space is still to be determined. Along with a massive gene therapy wave.