Each moment happens once
As Heraclitus said, you can only step into the same river once. Thiel believes that each moment in business happens only once.

There is no formula
Every innovation is unique.

Best interview question
“On which important truth do most people disagree with you?”

A company’s most important strength
More than nimbleness, small companies flourish because it affords more space for new thinking.

The contrarian question
“On what does everybody agree?”
These contemporary beliefs only ever appear wrong in retrospect, question them now.

Progress comes from monopoly, not competition
A monopoly needn’t concern itself with competing and has wider latitude to care about workers. Monopolists can relax their focus on money related issues.
In a static world a monopoly is just a rent collector, but in our dynamic, ever-changing world they must remain innovative, forward-thinking, and attractive to customers.
Creative monopolies aren’t just good for the rest of society; they’re powerful engines for making it better.

Rivalry causes us to copy the past
The Marxian understanding of conflict is that it arises from people’s difference. The Shakespearian understanding is that combatants are very similar and yet pick fights over nothing in particular.
Shakespeare serves as a better guide in business; firm employees obsess over their competitors for career advancement, firm bosses obsess over their competitors in the marketplace, and amidst the drama people lose sight of what matters.
Rivalry results in an overemphasis on old opportunities and a slavish copying of past success.

Last can be first
José Raúl Capablanca said “you must study the endgame before everything else”.
“First mover advantage” is overrated. Make a last great development in the specific market of interest and enjoy years of monopoly profits.