It's been boring, really. We don't do junk bonds, pork bellies, Internet funds. It's just dollar-cost averaging.

It is ironic that the Internet is a global phenomenon -- yet if you're not in Silicon Valley, it's really hard to get a sense of the pace and the connections between those companies. So many of the ideas get transferred in hallway conversations, meetings over lunch and the casual interactions of the companies that are proximate.

A number of developments are happening on the Internet that AOL couldn't ignore.

It's generally due to the Internet boom. It's due to both companies like Excite@Home who are further along in their life cycle as well as the second, third, fourth generation startup companies that surround Excite@Home.

I think it's very difficult to be a successful Internet company that isn't based in Silicon Valley.

It's generally due to the Internet boom. It's due to both companies like Excite@Home who are further along in their life cycle as well as the second-, third-, fourth-generation startup companies that surround Excite@Home.