College is a magic time. Yes, youre young and fickle, but you want to be part of this college experience... Then you graduate from that. You have your first job, moving to a new city.

When you rest on your laurels is right when you have the risk. It exists for every company, no matter how big.

College is a magic time. Yes, youre young and fickle, but you want to be part of this college experience... Then you graduate from that. You have your first job, moving to a new city.

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

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.

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.

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