20VC: Chamath Palihapitiya on Why IPOs and Direct Listings Are Broken, Turning Social Capital Into A Combination of Berkshire Hathaway, Koch Industries and The Red Cross, Why Forecasts Are Worthless, What Creates True Defensibility & Why You Have To Be Pr

The only way that you can find people with high integrity is to spend enormous amounts of time with them over a longitudinal period of time. So, it's not about 2 weeks of 10 hours a day; it turns out to be 5 or 6 months of many, many, many hours every week. And the reason is because, eventually, their integrity shines through/their lack of integrity eventually seeps to the surface because you just can't hide it forever.

If you think about investing more broadly speaking, it's an infinite game ... The only real competitor is yourself because the only thing you're really fighting is not really market gyrations, but it's your own psychology.

There are very few panacea silver bullet features in life, and I think a lot of people spend a lot of time trying to find the one thing without realizing that disciplined execution over large stretches of time... really [goes] a long way.

I think that there's not a lot of first principles thinking in many things ... The best entrepreneurs... people will describe them as really great first principles thinkers, which is basically to keep asking 'Why?' enough times [until] you get to the root cause where the answer is 'I don't know.'

A lot of people hate in others what they hate the most in themselves.

Forecasts are pretty worthless because everybody gets them wrong no matter how much data you have.

I've really come to believe that the only person I'm really trying to impress is myself.

I think that children, in many ways, are the best and worst reflections of you as a parent.

There is no board that's worth sitting on when they start to behave in a way that violates your moral compass. It's just not worth it.