The main theme of the session provocatly named "Competition is for Losers" is that there is a very big difference between creating huge value and capitalizing on the value that you create. Almost every company that was good at capitalizing on its innovation became a monopoly according to Thiel. These companies were the last mover and not the first mover.
I liked Thiel's analysis about the value of the revenue streams starting 10 years from now. The only way to ensure your company will be in business that long is to prevent other companies from moving in. Thiel lists a few ways to build that barrier the most important one today is network effects which is why so many companies focus on various types of people networks (social networks, messaging, shared economies, ...).