It's upsetting to me that you have to be a millionaire to invest in your friend's start-up.

I generally blog between 5:30 A.M. and 7 A.M. I will from time to time add something during the day, but for the most part blogging is an early morning activity for me.

My venture investing career has three phases, all roughly 6-8 years long. The first, at Euclid, was software to Internet. The second, at Flatiron, was Internet to bubble. And the third, at USV, has been web 2 to mobile. I have always used a new firm to denote a new investment phase for me. Throw away the old. Start with the new.

All markets have boom and bust cycles, and I think venture capital market has even more exaggerated boom and bust cycles.

New York's niche is content, and content is becoming more valuable. Just think about what is more valuable: MTV or the cable system that you use to get MTV? Howard Stern or the radio station you use to listen to him? Ultimately, technology becomes a commodity, and content - real, true branded content - becomes more valuable.

Building product is not about having a large team to manage. It is about having a small team with the right people on it.

Skyping with your spouse works well enough, but apparently it is hard to get the kids to hang out on Skype for long.