These companies have money thrown at them. And that's good, but it's also dangerous. It's good because it allows them to do big things, and it is dangerous because companies who have too much money don't have the market discipline of learning to operate with the money that they bring in as part of their business... and developing a pattern or focusing that that discipline brings.

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Too much money is a dangerous thing to deal with. And the point I'm saying is exponential-huge opportunities bring exponentially huge opportunities for failure as well.

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Market share is gained and lost at times of technology breaks. This is the mother of all technology breaks...So the opportunity to try and bet on the horse that's going to get ahead is very, very tempting. At the same time, the ability to discriminate between one choice and another choice in this very noisy investment environment is becoming very difficult.

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Much as we talk about Internet companies today, in five years' time there won't be any Internet companies. All companies will be Internet companies or they will be dead.

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I think there's going to be a lot of losers. There's no question that if you took a snapshot of the economy today and a snapshot of the economy five years from now, the lineup of participants are going to be very different. But just the same way as...the PC industry swept in and the semiconductor industry swept in, if I mention the starters, a lot of people would say 'Who?' A lot of the high fliers today are going to be 'Who?'

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