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.

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.

How many of the unicorn companies are really prosaic businesses - like limousine services or renting rooms in your house? The original VC firms from the '70's made their money and established the reputation of their respective brands by leveraging big cleverness with small capital, not small cleverness with big capital, and that's what's going on with these unicorns. That has never worked and it won't work this time. It doesn't produce venture quality returns, and it never will.

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.

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.