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Under perfect competition, in the long run no company makes an economic profit.

Peter Thiel

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Peter Thiel
Age: 57
Born: 1967
Born: October 11
Banker
Chess Player
Computer Scientist
Entrepreneur
Financier
Writer
Frankfurt/Main
Peter Andreas Thiel
Profit
Competition
Economic
Company
Perfect
Running
Makes
Long

More quotes by Peter Thiel

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Higher education holds itself out as a kind of universal church, outside of which there is no salvation.
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Thinking about how disturbingly herdlike people become in so many different contexts - mimetic theory forces you to think about that, which is knowledge that's generally suppressed and hidden. As an investor-entrepreneur, I've always tried to be contrarian, to go against the crowd, to identify opportunities in places where people are not looking.
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We cannot take for granted that the future will be better, and that means we need to work to create it today.
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A company does better the less it pays the CEO.
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A true bubble is when something is overvalued and intensely believed. Education may be the only thing people still believe in in the United States. To question education is really dangerous. It is the absolute taboo. It's like telling the world there's no Santa Claus.
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Technology and capitalism are very much linked. I think that capitalism probably works best in a technologically progressing society.
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What important truth do very few people agree with you on?
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Anyone who prefers owning part of your company to being paid in cash reveals a preference for the long term and a commitment to increasing your company's value in the future.
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I'm skeptical of a lot of what falls under the rubric of education.... People are on these tracks. They are getting these credentials and it's very unclear how viable they are in many cases.
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Technology is probably the single biggest driver of productivity gains for the developed countries. For example, I think it's much more important than free trade.
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What valuable company is nobody building?
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The business model piece is we're always talking about competing more effectively. If you're starting a company or career you don't want to compete. You want to create a monopoly. We want to invest in a company that has a good plan to create a monopoly.
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As you craft a plan to expand to adjacent markets, don't disrupt: Avoid competition as much as possible.
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Today's 'best practices' lead to dead ends the best paths are new and untried.
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When you are starting a new business you don't want to go after giant markets. You want to go after small markets and take over those markets quickly.
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University administrators are the equivalent of subprime mortgage brokers selling you a story that you should go into debt massively, that it's not a consumption decision, it's an investment decision. Actually, no, it's a bad consumption decision. Most colleges are four-year parties.
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Had the people who started Facebook decided to stay at Harvard, they would not have been able to build the company, and by the time they graduated in 2006, that window probably would have come and gone.
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What nerds miss is that it takes hard work to make sales look easy.
Peter Thiel
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American government is not dominated by engineers, it is dominated by lawyers. Engineers are interested in substance and building things lawyers are interested in process and rights and getting the ideology correctly blended. And so there is sort of no really concrete plan for the future.
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Moving first is a tactic, not a goal.
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