Telcos

“You are going to get regulated like a telco or a bank. You know, if you work at Google or you work at Facebook, you are going to have the same kind of scrutiny that a telco or a bank have. And it doesn't really matter if you think you shouldn't. That's just wh…”

“Their expertise is spectrum, real estate, infrastructure customer acquisition, physical retail, government relations. It was not, let's create a really cool new consumer photo sharing app. You know, it's just a totally different set of skills in both direction…”

“Telcos aren't a technology business. They're infrastructure business. Netflix isn't a software company. It's a TV company. On the other hand, Airbnb, but Airbnb isn't a hotel company. It is a software company.”

“All of you had these kind of successive waves of really radical change, and yet, like, nothing really changed at the telcos. They're still there doing almost exactly what they were doing in 2000.”

“Now, the inverse of this, of course, is that if we look at everything we do on our smartphones now, telcos had all of this in their strategy presentations in 2000.”

“Giant industry, trillion dollars of revenue, two hundred billion dollars a year of CapEx stocks have gone nowhere in 20 years, and all the value is built by other people.”