I think one of the key differentiators I bring to the table as a venture capitalist is a solid understanding of the public markets and how they operate.

I think one thing that may have happened with both Facebook and Zynga is that they may have waited too long to go public. They got particularly cute on that front.

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

Having an investor on your board of directors who is naive about public markets or finds them complex or scary is non-optimal.

We know they are extremely strong at 119, 152, 160 and 189. But we think we are solid there, too.

I think what you're going to see going forward is that public investors and also venture capitalists and the whole chain of investors are going to be much more discriminating in their investments,