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Victor Fung, the chairman of Li & Fung, one of Hong Kong’s oldest textile manufacturers, remarked to me last year that for many years his company operated on the rule: “You sourced in Asia, and you sold in America and Europe.” Now, said Fung, the rule is: “ ‘Source everywhere, manufacture everywhere, sell everywhere.’ The whole notion of an ‘export’ is really disappearing.

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These Valley types think this whole process could be automated and they don’t have to pay 7 percent to these flashy, French-cufflink-wearing Wall Street types

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We shouldn’t be criticized for using Chinese workers,” a current Apple executive said. “The U.S. has stopped producing people with the skills we need.

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For Hollywood to be killed, the Internet needs to focus on a metric other than eyeballs. It’s not about mass, it’s about good. That’s absolutely anti-YouTube and anti-Farmville and any other content which we expect to be rapid, mass and disposable. Disposable content isn’t bad, it’s just not everything. And as long as that’s all that the Valley is putting out, we won’t kill Hollywood.

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Buffett is famous for noting that newspapers would never have existed if cable, satellite and the Internet had come first. The same might be said for retail. If the medieval merchants of Venice had been able to shop on Amazon, you would never have needed any of those winding shopping streets along the canals or in the piazza.

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Publishers like to pretend that we make our money from discovering unknown talents for small advances and selling millions of their books. That’s a very small part of our business. The bestselling books are all written by celebs, by people with huge platforms, by fiction writers with a long history of bestselling books, or by people who do a proposal that’s on its surface brilliant. In short, there’s a bidding war among the publishers over the big books. We all know what the good books are–it all comes down to how much of an advance we’re willing to pay for them. The hotly fought-for books are the ones that sell. And while we might not make huge profit % on these, we make big profit $ on these. They keep the lights on by covering overhead. Better to cover our fixed costs by going all in on a few big books than trying to buy dozens of mid-list books.