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.

We're in one of the biggest tech bubbles we've ever had.

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.

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.

Venture capital has peaked in terms of its appetite, in terms of how much money it wants to put in. So now private equity funds are piling in. Primarily because interest rates are virtually zero so there's no fixed income play and they're not moving around.

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.