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.

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.

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.

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?

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.

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.