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Groupon has some interesting assets.

There are over 2,000 direct clones of the Groupon business model. However, there's an equal amount of proof that the barriers to success are enormous. In spite of all those competitors, only a handful are remotely relevant.

Groupon as a company - it's built into the business model - is about surprise. A new deal that surprises you every day. We've carried that over to our brand, in the writing and the marketing that we do, and in the internal corporate culture.

I really did believe that the most successful investments were the ones that you could own for the long run.

The popularity of Groupon has almost rendered the group-buying element of it obsolete, because we're able to deliver so many customers that the merchants are very happy with even the smallest number that we can provide.

Everyone has the idea of owning good companies. The problem is that they have high prices in relations to assets and earnings, and that takes all of the fun out of the game.

Great investments may look crazy but really may not be.

Ask any venture capitalist, and they will tell you that they consider the experience and completeness of the founding team to be a more important factor in their investment decision than the technology that is being built.

Good shareholder activists have incredible interest in the company because they own a lot of it.

In an era of endless innovation and constant disruption, what is any company really worth? How does a startup determine its valuation?