I believe that the right capital allocator can turn low-growth, non-profitable companies into valuable businesses.

I believe that being disciplined and profitable in the long run is beneficial. Companies that can maintain efficiency and discipline will fare better in changing market conditions.

Successful startups often pivot from their initial product ideas to better meet the needs of a different target market.

Startups can succeed against larger companies by identifying ideas that sound bad but are actually good, as they can often secure a 'yes' from investors more easily than large companies can get consensus.

Companies like Retool and Magic also exemplify how quickly changing ideas and building prototypes can lead to discovering successful products.

You can have a disruptive business model that can change the game, even if your product isn't great.

Many founders believe their company will succeed, but those whose companies don't often iterate tirelessly until they find success, becoming unsung heroes.

The most successful startups often emerge from addressing broken industries where existing solutions are inadequate.

We have bought businesses that initially seemed good but turned out poorly; we hold onto mediocre ones unless they present unsolvable problems.