There's always more demands than there's time to meet them, so it's constantly a matter of trying to balance them.

There's always more demands than there's time to meet them, so it's constantly a matter of trying to balance them.

Any new technology tends to go through a 25-year adoption cycle.

A lot of things you want to do as part of daily life can now be done over the Internet.

A very large percentage of economic activity is shifting online and it makes sense that there are more services that are going to charge. It also means there are going to be more people willing to pay.

Aaron Sorkin was completely unable to understand the actual psychology of Mark or of Facebook. He can't conceive of a world where social status or getting laid or, for that matter, doing drugs, is not the most important thing.

Adaptability is key.

Almost every dot-com idea from 1999 that failed will succeed.

Amazon drove Borders out of business, and the vast majority of Borders employees are not qualified to work at Amazon. That's an actual, full-on problem. But should Amazon have been prevented from doing that? In my view, no.

An awful lot of successful technology companies ended up being in a slightly different market than they started out in.

An awful lot of successful technology companies ended up being in a slightly different market than they started out in. Microsoft started with programming tools, but came out with an operating system. Oracle started doing contracts for the CIA. AOL started out as an online video gaming network.

And once you get instantaneous communication with everybody, you have economic activity that's far more advanced, far more liquid, far more distributed than ever before.

Any successful company in the valley gets acquisition offers and has to decide whether or not to take them.

Any time you stand in line at the D.M.V. and look around, you're like, Oh, my God, I wish all these people were replaced by computer drivers.

Around '93, '94, the conventional wisdom about the Internet was that it was a toy for academics and researchers. So it was very, very underestimated for about two years.

China is very entrepreneurial but has no rule of law. Europe has rule of law but isn't entrepreneurial. Combine rule of law, entrepreneurialism and a generally pro-business policy, and you have Apple.

Companies in every industry need to assume that a software revolution is coming.

Consumers are freeing up an enormous amount of time that they were spending with stereotypical old media, and clearly, that time is going primarily two places: videogames and online.

Every kid coming out of Harvard, every kid coming out of school now thinks he can be the next Mark Zuckerberg, and with these new technologies like cloud computing, he actually has a shot.

First of all, every new company today is being built in the face of massive economic headwinds, making the challenge far greater than it was in the relatively benign '90s.

Google is working on self-driving cars, and they seem to work. People are so bad at driving cars that computers don't have to be that good to be much better.

Google is working on self-driving cars, and they seem to work. People are so bad at driving cars that computers don't have to be that good to be much better. Any time you stand in line at the DMV and look around, you're like, 'Oh, my God, I wish all these people were replaced by computer drivers.'

Great CEOs are not just born with shiny hair and a tie.

Health care and education, in my view, are next up for fundamental software-based transformation.

I always had the old-school model that I'm going to work for as long as I'm relevant and focus on for-profit activities and someday when I retire I'm going to learn about philanthropy.

I don't like to not call a spade a spade.

I don't think objectively we are in a tech bubble when tech stocks are at a 30 year low.

I don't waste time being depressed.

I enjoy not being a public company.

I have yet to take capital losses on any company. Then again, it's still early.

I know where I'm putting my money.

I love what the Valley does. I love company building. I love startups. I love technology companies. I love new technology. I love this process of invention. Being able to participate in that as a founder and a product creator, or as an investor or a board member, I just find that hugely satisfying.

I need more raw experience. I've read and watched a lot of things, but I haven't done a lot of things.

I think 2012 is the year when consumers all around the world start saying no to feature phones and start saying yes to smartphones.

I think the tech stock, the public market is still completely traumatized by the dotcom crash. I think the investors and reporters and analysts and everybody is determined to not get taken advantage of again, and that is what everybody who lived through 2000, what they kind of remember.

I'm quite bullish. We're coming up on year 15 of a flat stock market. Historically that's a pretty good sign. So I'm not a hedge-fund manager but if I was I think I'd be feeling pretty good.

I'm really excited about anything that is able to address the really big markets, so anything that's universally appealing.

I've been a customer of the top venture capital firms, so I know exactly what they do and don't do.

I've been an entrepreneur three times. I started three companies.

If I want to get work done, that's usually about 3 in the morning.

If the Net becomes the center of the universe, which is what seems to be happening, then the dizzying array of machines that will be plugged into it will virtually guarantee that the specifics of which chip and which operating system you've got will be irrelevant.

If there's been a crisis in a market, you don't tend to have a new crisis in that market until the people who went through the last crisis aren't in the system anymore.

If we're in a bubble, it's the weirdest bubble I've ever seen, where everybody hates everything.

If you're the village blacksmith and a model T comes along, you better become a mechanic. People's lives are better when they get news online versus having to wait for the morning paper. It's a lot more efficient, a lot more real time, a lot less waste.

If you're unhappy, you should change what you're doing.

In 2000, when my partner Ben Horowitz was CEO of the first cloud computing company, Loudcloud, the cost of a customer running a basic Internet application was approximately $150,000 a month.

In high school, I actually thought I was going to have to learn Japanese to work in technology. My big feeling was I just missed it, I missed the whole thing. It had happened in the '80s, and I got here too late. But then, I'm maybe the most optimistic person I know. I mean, I'm incredibly optimistic.

In short, software is eating the world.

In the next 10 years, I expect at least five billion people worldwide to own smartphones, giving every individual with such a phone instant access to the full power of the Internet, every moment of every day.