First, only invest in companies that have the potential to return the value of the entire fund.

Technology and capitalism are very much linked. I think that capitalism probably works best in a technologically progressing society.

Distribution may not matter in fictional worlds, but it matters in most. The Field of Dreams conceit is especially popular in Silicon Valley, where engineers are biased toward building cool stuff rather than selling it. But customers will not come just because you build it. You have to make this happen, and it's harder than it looks.

If you have technological progress, that will encourage more capitalist system. On the other hand, if you don't, if things are stalled, you end up with much more of a zero sum type thing, where there's no progress and basically everybody's gain is somebody else's loss.

If you focus on near-term growth above all else, you miss the most important question you should be asking: will this business still be around a decade from now?

I think we have a bubble in the US in government bonds, because of the quantitative easing and the negative real interest rates, and to some extent, that increases asset values across the board, including in startups.

Great tech opportunities happen only once.