What interests me is starting businesses on our own, finding ideas that we can support, and simply investing in invention.

If we're going to talk about our businesses, we're going to have to talk about them within the constraints of the disclosure rules, without giving guidance, because we're not going to give guidance, because we don't believe that it is a sensible game to play.

What I've learned over the years is that focus and singular purpose is the best approach for businesses.

I like businesses in transition, first of all. If ever there were a business in transition, it is publishing.

There's no way you can predict what is going to happen in six months or two years in most businesses, and certainly not for businesses that are growing at the rate that we have grown.

When it comes to investing, you are your own worst enemy.