Transcript of peter thiel's lecture on competition
http://tech.genius.com/Peter-thiel-lecture-5-business-strategy-and-monopoly-theory-annotated
I think all happy companies are different because they're doing something very unique. All unhappy companies are alike because they failed to escape the essential sameness in competition.

So if you are trying to analyze any of the tech companies in Silicon Valley, AirBnB, Twitter, Facebook, any emerging Internet companies, all the ones in Y Combinator, the math tells you that three quarters, eighty-five percent of the value is coming from cash flows in years 2024 and beyond. It's very far in the future and so one of the things that we always over value in Silicon Valley is growth rates and we undervalue durability.