[riffer]

This video has Thiel's comments:

http://bigthink.com/series/62#!selected_item=4845

He starts at 8 mins in, and although the whole video is 2 hours long, he makes a bunch of major points in the first 3 to 4 minutes of his talk, after which he answers questions for 3 to 5 minutes.

His central point is that there is a lot of potential value in getting the fixed costs of the search business down, and that he would prefer to invest there, rather than in playing the zero sum game of trying to take away make share in the $25 Bln search business.

Also worth noting: anybody who can lower the fixed costs of search by an order of magnitude is also going to be in a position to make money from businesses that have similar cost structures.