People tend to think of the web as a way to get information or perhaps as a place to carry out e-commerce. But really, the web is about accessing applications.

I think 2012 is the year when consumers all around the world start saying no to feature phones and start saying yes to smartphones

Breakthrough ideas look crazy, nuts. It’s hard to think this way — I see it in other people’s body language, and I can feel it in my own, where I sometimes feel like I don’t even care if it’s going to work, I can’t take more change. O.K., Google, O.K., Twitter—but Airbnb? People staying in each other’s houses without there being a lot of axe murders?

These days, you have the option of staying home, blogging in your underwear, and not having your words mangled. I think I like the direction things are headed.

I think that every technology company that's more than 20 years old will break up

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.

If you think you can execute a previously failed idea, you just have to be able to show that now is the time.

It's an old - and true - cliche that VCs rarely actually say 'no' - more often they say 'maybe', or 'not right now', or 'my partners aren't sure', or 'that's interesting, let me think about it'

I don't think objectively we are in a tech bubble when tech stocks are at a 30 year low.