I don't think objectively we are in a tech bubble when tech stocks are at a 30 year low.

I would say the consumer Internet companies - in a lot of ways, if you go inside the consumer Internet companies and you see how they run, it's how all their businesses are going to run.

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.

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

I don't think objectively we are in a tech bubble when tech stocks are at a 30 year low.

People tend to think of the web as a way to get information or perhaps as a place to carry out e-commerce. But really, the web is about accessing applications.

Perhaps the single most dramatic example of this phenomenon of software eating a traditional business is the suicide of Borders and corresponding rise of Amazon