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If you think about basic science or coming up with new theories of mathematics, these are not the kinds of things which are necessarily a well-defined market to pay people.

Peter Thiel

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Peter Thiel
Age: 56
Born: 1967
Born: October 11
Banker
Chess Player
Computer Scientist
Entrepreneur
Financier
Writer
Frankfurt/Main
Peter Andreas Thiel
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There are only two kinds of businesses in this world: Businesses in crazy competition, and businesses that are one of a kind.
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In the '30s, the Keynesian stuff worked at least in the sense that you could print money without inflation because there was all this productivity growth happening. That's not going to work today.
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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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Under perfect competition, in the long run no company makes an economic profit.
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Recruiting is a core competency for any company. It should never be outsourced.
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The zero-sum world [the movie The Social Network] portrayed has nothing in common with the Silicon Valley I know, but I suspect it's a pretty accurate portrayal of the dysfunctional relationships that dominate Hollywood.
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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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I believe we are in a world where innovation in stuff was outlawed. It was basically outlawed in the last 40 years - part of it was environmentalism, part of it was risk aversion.
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Competition is overrated. In practice it is quite destructive and should be avoided wherever possible. Much better than fighting for scraps in existing markets is to create and own new ones.
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There's a wide range of sales ability: there are many gradations between novices, experts, and masters. There are even sales grandmasters. If you don't know any grandmasters, it's not because you haven't encountered them, but rather because their art is hidden in plain sight.
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All failed companies are the same: they failed to escape competition.
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A lot of the key to Apple's succes is Designing technology in order to hide it.
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If people were super-optimistic about technology there would be no reason to be pessimistic about the future.
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My own answer to the contrarian question is that most people think the future of the world will be defined by globalization, but the truth is that technology matters more.
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You'll attract the employees you need if you can explain why your mission is compelling: not why it's important in general, but why you're doing something important that no one else is going to get done.
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I think somehow people should be encouraged to think about a very long time horizon and I think this is true for businesses, it's true for governments and it's true for people doing things in the non-profit sector.
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What important truth do very few people agree with you on?
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Brilliant thinking is rare, but courage is in even shorter supply than genius.
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I think we have a bubble in the US in government bonds, because of the quantitative easing and the negative real interest rates, and to some extent, that increases asset values across the board, including in startups.
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