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.

The road doesn’t have to be infinite after all. Take the hidden paths.

Forget startup companies. The next frontier is startup countries.

Twitter is hard to evaluate. They have a lot of potential. It's a horribly mismanaged company — probably a lot of pot-smoking going on there. But it's such a solid franchise it may even work with all that.

The biggest secret in venture capital is that the best investment in a successful fund equals or outperforms the entire rest of the fund combined.

If you invest in Microsoft or Oracle, or a number of other companies for that matter, you're fundamentally making a bet that there's going to be no innovation. So an investment in Microsoft is a bet that the operating system is going to stay the same, it won't be replaced by Linux, Google Docs, or a mobile platform like iOS or Android.

All happy companies are different: each one earns a monopoly by solving a unique problem. All failed companies are the same: they failed to escape competition.