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.

Newspapers with declining circulations can complain all they want about their readers and even say they have no taste. But you will still go out of business over time. A newspaper is not a public trust - it has a business model that either works or it doesn't.

The smartphone revolution is under-hyped, more people have access to phones than access to running water. We've never had anything like this before since the beginning of the planet.

These days, you have the option of staying home, blogging in your underwear, and not having your words mangled. I think I like the direction things are headed.

There is the opportunity to do more and better if you're smaller and more nimble.

No one should expect building a new high-growth, software-powered company in an established industry to be easy. It's brutally difficult.

Companies in every industry need to assume that a software revolution is coming.