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Many of the best firms historically in venture capital have been multi-sector.

There are lots of ways to make money in venture capital, and there are even more ways to be mediocre. The industry has too much money and too many smart people chasing too few great entrepreneurs.

Venture capital is always wanting to go up market.

So many folks in the venture capital business are sheep that just want to follow the herd. They are momentum investors purchasing highly illiquid investments. That is a recipe for disaster.

Venture capital is unscalable. Production equals the time each partner has.

There's almost too much venture capital in India - there are issues with seed capital, but for venture capital, there's a lot money chasing deals here.

All markets have boom and bust cycles, and I think venture capital market has even more exaggerated boom and bust cycles.

Venture capital today is clustered in just a few locations - Silicon Valley, New York, Boston, and D.C. It's far from efficiently distributed and accessible.

Doing ventures is great - I'm talking economics now - if you've got a rising market. It's wonderful. If I hadn't got HKT, I would have been just as happy. Because there's a price for everything. And to overpay for something is awful.