There will be certain points of time when everything collides together and reaches critical mass around a new concept or a new thing that ends up being hugely relevant to a high percentage of people or businesses. But it's really really hard to predict those. I don't believe anyone can.

An awful lot of successful technology companies ended up being in a slightly different market than they started out in. Microsoft started with programming tools, but came out with an operating system. Oracle started doing contracts for the CIA. AOL started out as an online video gaming network.

Around '93, '94, the conventional wisdom about the Internet was that it was a toy for academics and researchers. So it was very, very underestimated for about two years.

You only ever experience two emotions: euphoria and terror. And I find that lack of sleep enhances them both.

Where I grew up, we had the three TV networks, maybe two radio stations, no cable TV. We still had a long-distance party line in our neighborhood, so you could listen to all your neighbors' phone calls. We had a very small public library, and the nearest bookstore was an hour away.

If there's been a crisis in a market, you don't tend to have a new crisis in that market until the people who went through the last crisis aren't in the system anymore.

Tech stocks are trading at a 30-year-low when compared to the multiples of industrials (companies). Its the weirdest bubble when everyone hates everything.