When I was running PayPal in late 1999, I was scared out of my wits—not because I didn’t believe in our company, but because it seemed like everyone else in the Valley was ready to believe anything at all. Everywhere I looked, people were starting and flipping companies with alarming casualness. One acquaintance told me how he had planned an IPO from his living room before he’d even incorporated his company—and he didn’t think that was weird. In this kind of environment, acting sanely began to seem eccentric.
