For us, whether the market is skewed from a bubble perspective or not really is mitigated by staying focused on what we do best.

Every social network on Earth pitches me, and I say no to nearly every single one of them.

Founded in August 2003, MySpace would go on to be the most-visited social networking site in the world from 2005 until early 2008.

I think that it will be the mobile technologies, both from the enterprise and the consumer side, where super unicorns will come from. I still believe that social networking in combination with mobile will create opportunities for super unicorns.

When I started in the business in 1999 and 2000, we had companies that were going public in two, three or four years.

I think there are a lot of companies that are staying private longer. Much more of their growth is happening while they are on the private side. So their valuations are hitting $1 billion while they are still private more often.

The best opportunities are often ones where you're being contrarian. That doesn't mean being contrarian for contrarian's sake, but it means you're thoughtful about the risks of following the crowd.