The old Google made a fortune on ads because they had good content. It was like TV used to be: make the best show and you get the most ad revenue from commercials. The new Google seems more focused on the commercials themselves.

Tens of millions of people made a decision to spend their time with the simple, mobile photo-sharing application that was not Facebook because they liked its subtle interface and little filters. And so Facebook bought the thing that is hardest to fake. It bought sincerity.

Instagram succeeded for many good reasons, including its design, its viral qualities, its simplicity, and the fact that its engineers focused so obsessively on making sure that it works all the time. Part of its success, no doubt, is the fact that it was just in the right place, at the right time, with the right, crowd-pleasing mix of features.

Facebook as a foundation.