Timing by @pmarca
"All the ideas of the ‘90s were basically correct. They were just too early. Being too early is a bigger problem for entrepreneurs than not being correct. You burn through your capital. You end up with outdated architecture. You destroy your company culture."

"There are 2 types of people: those who experienced the 2000 crash, and those who didn't. The people who saw the crash are deeply scarred. They are irreparably damaged. These are the people who love to talk about bubbles. Anywhere and everywhere, they have to find a bubble."

"When I brought up Netscape in conversation one time, Mark Zuckerberg asked: “What did Netscape do again?”
I was shocked. But he looked at me and said, “Dude, I was in junior high. I wasn’t paying attention.”

"For entrepreneurs, timing is a huge risk. You have to innovate at the right time. You essentially make a one-time bet. Things are different with venture capital. To stay in business for 20 years or more, you have to take a portfolio approach. Ideas are no longer one-time bets."

"What helped shape our thinking was seeing the whole thing working at the computing research universities. We had high end workstations and network connectivity.
When you graduated, the assumption was that you just stopped using e-mail. That could only last so long."

From the notes to Peter Thiel's Stanford class
http://stuff.maxolson.com/Peter-Thiel-On-Startups.pdf