The big picture is that the Internet has completed its first stage, and that is why over the last six months we have moved the dot.com representation in the fund to a broader focus.

We're not trying to blast the Internet Fund. We think Ryan did a great job. We admire him and we look forward to seeing what he's going to do next. But in the meantime, I decided to take advantage of some of these changes and some of the questions these changes bring up.

It seems like things change every day. I would say fasten your seat belt, because the ride isn't over yet.

The Internet continues to be a vibrant and ever-changing channel, providing advertisers with broad offerings that enable them to promote their brands using a highly cost effective platform. This year's record figure of annual internet advertising revenue demonstrates the enduring enthusiasm for the medium as a whole.

Enterprises are increasingly interested in Internet substitution. They're finding that they can offload a great deal of [network traffic].

The way you have to look at this is that you had this huge build-out of the Internet and almost unlimited access to capital, and that has stopped. That doesn't mean there won't continue to be investment. The pace is going to slow for a while, but you ultimately have to continue building out.