Moritz: I rarely ever think about big themes; our business is a bit more like bird spotting; you don’t look at big flock, you try to pick out each one. You might find odd looking, interesting complected bir in flock that otherwise looks mundane, rather than try to make observation on large flock in any particular area. Can point to late entries into crowded market and then went on to prosper (Eric adds: Like Google.) You want to make sure bird you are picking out can fly for a long time. There is lot to be said for investing in ugly ducklings.

Moritz: Nothing beats incredible hunger, tenacity of entrepreneur full of ideas and ambition.