One of the advantages of moving quickly is if you do something wrong you can change it.

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.

Health care and education, in my view, are next up for fundamental software-based transformation.

The advantage of the consumer businesses is they tend to be much broader-based, much larger number of customers, that tend to over time be a lot more predictable. The advantage of the enterprise companies is they are not as subject to consumer trend, fad, behavior.

In the next 10 years, I expect at least five billion people worldwide to own smartphones, giving every individual with such a phone instant access to the full power of the Internet, every moment of every day.

If the Net becomes the center of the universe, which is what seems to be happening, then the dizzying array of machines that will be plugged into it will virtually guarantee that the specifics of which chip and which operating system you've got will be irrelevant.

The Internet has always been, and always will be, a magic box.