Any new technology tends to go through a 25-year adoption cycle

Innovation doesn't come from the big company. It never has and never will. Innovation is something new that looks crazy at first glance. It comes from the 19-year-olds and the start-ups that no one's heard of.

Ten to 20 years out, driving your car will be viewed as equivalently immoral as smoking cigarettes around other people is today.

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.