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.

A lot of the philosophies of the businesses are just 'we're interested in getting customers now and if we're losing money with each customer now that's okay because we have this huge hoard of venture capital that we can subsidise the operation with and once we have the required number of tens of millions of customers and we drive our competitors out of business, then we can start to raise prices and become a proper business.'

We live in a global market and money's fungible and hedge fund private equity is looking for momentum plays, and there ain't no momentum plays in bonds, right? When the interest rates were spiking up or down, well they never really spike down they do spike up though. Something's got to happen, there's got to be motion, the dice has to be rolling on the board, and if it's not then they're not going to play because they're not going to get the adrenaline rush from looking at... you know, money markets fund interest rates or bond interests or whatever. It's got to be sexy.

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.

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

You have to look at the fundamental raison d'être of the business - what is it doing? What's the nature of the business and what are its prospects for success? What are its prospects to break even and then return the sustained profit?