Smart tech investor thinks about: a) future product roadmap, b) bottoms-up market size & growth, c) talent and skill of team. Essentially you are valuing things that have not yet happened, and the likelihood of the CEO and team being able to make them happen. Finance people find this appalling, but investors who do this well can make a lot of money.

The most important thing is to get on the right horse.

Google is working on self-driving cars, and they seem to work. People are so bad at driving cars that computers don't have to be that good to be much better.

There is a constant need for new systems and new software.

The difference between a vision and a hallucination is that other people can see the vision.

Today's stock market actually hates technology, as shown by all-time low price/earnings ratios for major public technology companies

The good news about building a company during times like this is that the companies that do succeed are going to be extremely strong and resilient.