TV and the press have always functioned according to the same sets of rules and technical standards. But the Internet is based on software. And anybody can write a new piece of software on the Internet that years later a billion people are using.

People who tell computers what to do, and people who are told by computers what to do.

The days when a car aficionado could repair his or her own car are long past, due primarily to the high software content.

Start-ups should be based on radical ideas. There should be a high failure rate for start-ups, because if there isn't their ideas aren't bold enough.

One of the advantages of moving quickly is if you do something wrong you can change it. What technologies tend to do is they tend to make a lot of mistakes... but then we go back and aggressively attack those mistakes - and fix them. And you usually recover pretty quickly.

At Microsoft, they all rock back and forth like Gates, they wear the same glasses, they have the same hair style. Maybe they grow them in tanks.

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.