Facebook is not an unstoppable juggernaut. There are a lot of other things people can do on the web.

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.

Venture capitalists are professional money managers. We are provided capital to invest as long as we can return it to our investors with a strong return in a reasonable amount of time. A strong return is three times cash on cash. A reasonable amount of time is ten years max.

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

Given New York City's cultural diversity, it has always attracted creative people.

Ideas that most people derided as ridiculous have produced the best outcomes. Don't do the obvious thing.

The Internet is a computing platform built on top of core technology. Applied technology is what gets built on top of that: It's Web services.