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

I think that companies always become complacent, over time. Or most companies, that is.

It is indeed true that the stock market can forecast the business cycle.

The markets are efficient over time.

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

I think there are a lot of companies that are staying private longer. Much more of their growth is happening while they are on the private side. So their valuations are hitting $1 billion while they are still private more often.

One thing on psychology, which we've always known, is that every investor says they're long-term - and they are until the market takes a hit.

You have to remember a lot of business is very cyclical.

Just like any business is a living, breathing thing, an entrepreneur has to be able to adapt over time.

There's no way you can predict what is going to happen in six months or two years in most businesses, and certainly not for businesses that are growing at the rate that we have grown.