A good trader loves an active market, you don't make money when the market is static.

Everyone who is inside of an expanding bubble can't imagine another world where the bubble collapses on them. It's unimaginable because they haven't lived through it.

If you have money draining out of the public equity markets, that inevitably affects the private equity market. They cannot exist going in different directions because somehow that will rent the fabric of the universe. It's just not permitted that that happens. Obviously there can be anomalies for brief periods of time but it just can't happen forever.

I think mobile web enabled services can be great business but A): it doesn't apply to everything, I think the markets will ultimately get a bit fragmented when the crunch stars to happen. And the other thing is, B): it doesn't necessarily work with everything.

For venture capital, one of the original principles is people you want to invest in are people who've done it before with someone else's money. Not people who've just came out of business school.

The stock market has gone up and if you are stock picking, that's fine, you may do a bit better than the market. But if you want to play in another game where you can get rapid increases of value and so on and so forth, this apparently has become the new parlour game, to invest in these companies and many their cases, the private equity that has been piling in onto of the venture capital is creating the unicorn, in other words the company with the $1 billion valuation.

A good trader loves an active market, you don't make money when the market is static.