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.

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.

There's a new generation of entrepreneurs in the Valley who have arrived since 2000, after the dotcom bust. They're completely fearless.

My own theory is that we are in the middle of a dramatic and broad technological and economic shift in which software companies are poised to take over large swathes of the economy

If you're the village blacksmith and a model T comes along, you better become a mechanic. People's lives are better when they get news online versus having to wait for the morning paper. It's a lot more efficient, a lot more real time, a lot less waste.

The transformation of Apple is probably the biggest tech story of the last 15 years.

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