It's really hard to run a business against somebody who is not acting as if it were in business.

Facebook has stitched together your social graph. The idea of an interest graph is to bring together everyone that has shared interests. If I can isolate the people who are into mountain biking in Marin, in one place, the ability to put ads against that is really high.

Many consumer Internet business executives are loyalists of the Lifetime Value model, often referred to as the LTV model or formula. Lifetime value is the net present value of the profit stream of a customer.

Almost everybody who thinks about local thinks about daily deals, but companies like OpenTable and Zillow and Yelp are all getting their money from the local market.

Having an investor on your board of directors who is naive about public markets or finds them complex or scary is non-optimal.

Don't go in and tell somebody else how to run their business.