The banks in Brazil were making 30% return on equity, some of the highest returns of any banks in the world, and yet the service was horrible, the products were terrible, the interest rates were the highest in the world. That paradox was a sign that something was deeply broken.
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The best time to buy a house is always five years ago. The best time to start a company is always five years ago. The best time to invest is always five years ago. Waiting for certainty is just a sophisticated way of opting out.
Paul Graham — Y Combinator office hours transcript
The best business returns are usually achieved by companies that are doing something that it's hard or impossible for you to do to them. Every year they get harder and harder to compete with. They have an ever-widening moat around their castle, and the key is not 'how big is the castle today?' but 'what is the trajectory of the moat?'
Warren Buffett — Berkshire Hathaway Annual Meeting
What we've learned is that you don't want to do too much innovation in one node, because the more innovation that you do, the more complex it becomes. While you'll be able to get that to work, you need to hit a certain schedule, and that's the schedule that your customer ultimately wants.
Chris Auth