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The lower spreads mean lower costs for investors, because Nasdaq investors generally do not trade directly with one another. Instead, they usually buy and sell from market-makers, brokerage firms that flip shares between buyers and sellers and keep the spread for themselves.

When volume drops off, prices settle down. Volume is the force that turns stocks higher.

The average trade of an individual is in the thousands of shares, whereas the institutional trade can be in the millions of shares. Clearly, the bigger the order, the bigger the move in the stock.

Big money is made in the stock market by being on the right side of the major moves. The idea is to get in harmony with the market. It's suicidal to fight trends. They have a higher probability of continuing than not.

In some markets, we don't have a lot of room to expand. We've done studies of store density and essentially found our more dense markets have more than one store per 15,000 people.

The distributor used to get 10, 12, 14 percent in most cases, but the App Store or Steam - they're taking 30 points. So clearly, they're viewing what they bring to the table in the digital environment to be more valuable than distribution.

People do dollar cost averaging because they have regret of making one big mistake. But the fact of the matter is that, mathematically, the market rises more of the time than it falls. It falls, but it rises more of the time than it falls.

Marketplaces by their nature tend to grow faster than most other companies.

More traffic means more advertising dollars.

Distributers don't need massive amounts of square feet to stock digital products. Retailers don't need brick-and-mortar stores to sell them. The entire supply chain for these select items has been permanently dematerialized. The marketplace has been blown to bits.