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.

A very large percentage of economic activity is shifting online and it makes sense that there are more services that are going to charge. It also means there are going to be more people willing to pay.

With lower start-up costs and a vastly expanded market for online services, the result is a global economy that for the first time will be fully digitally wired - the dream of every cyber-visionary of the early 1990s, finally delivered, a full generation later

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.

Over the next 10 years, I expect many more industries to be disrupted by software, with new world-beating Silicon Valley companies doing the disruption in more cases than not.

Whatever you're selling, storage or networking or security, you're going head to head with the incumbent players.

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.