I think the tech stock, the public market is still completely traumatized by the dotcom crash. I think the investors and reporters and analysts and everybody is determined to not get taken advantage of again, and that is what everybody who lived through 2000, what they kind of remember.

There's a new generation of entrepreneurs in the Valley who have arrived since 2000, after the dotcom bust. They're completely fearless.

When I started Netscape I was brand new out of college and all the aspects of building a business, like balance sheets and hiring people, were new to me.

In 2000, when my partner Ben Horowitz was CEO of the first cloud computing company, Loudcloud, the cost of a customer running a basic Internet application was approximately $150,000 a month.

I don't like to not call a spade a spade.

Perhaps the single most dramatic example of this phenomenon of software eating a traditional business is the suicide of Borders and corresponding rise of Amazon.

China should be another United States from an economic standpoint. Beijing should be another Silicon Valley.

There was a point in the late '90s where all the graduating M.B.A.'s wanted to start companies in Silicon Valley, and for the most part they were not actually qualified to do it.

The good news about building a company during times like this is that the companies that do succeed are going to be extremely strong and resilient.

Consumers are freeing up an enormous amount of time that they were spending with stereotypical old media, and clearly, that time is going primarily two places: videogames and online.

More and more major businesses and industries are being run on software and delivered as online services - from movies to agriculture to national defense.

Google is working on self-driving cars, and they seem to work. People are so bad at driving cars that computers don't have to be that good to be much better. Any time you stand in line at the DMV and look around, you're like, 'Oh, my God, I wish all these people were replaced by computer drivers.'

Today's stock market actually hates technology, as shown by all-time low price/earnings ratios for major public technology companies.

On the back end, software programming tools and Internet-based services make it easy to launch new global software-powered start-ups in many industries - without the need to invest in new infrastructure and train new employees.

Almost every dot-com idea from 1999 that failed will succeed.

I'm really excited about anything that is able to address the really big markets, so anything that's universally appealing.

In high school, I actually thought I was going to have to learn Japanese to work in technology. My big feeling was I just missed it, I missed the whole thing. It had happened in the '80s, and I got here too late. But then, I'm maybe the most optimistic person I know. I mean, I'm incredibly optimistic.

So I came from an environment where I was starved for information, starved for connection.

I always had the old-school model that I'm going to work for as long as I'm relevant and focus on for-profit activities and someday when I retire I'm going to learn about philanthropy.

To bring out a new technology for consumers first, you just had a very long road to go down to try to find people who actually would pay money for something.

I think the American system is incredibly well developed. I think the founding fathers were geniuses.

A very large percentage of economic activity is shifting online and it makes sense that there are more services that are going to charge. It also means there are going to be more people willing to pay.

I need more raw experience. I've read and watched a lot of things, but I haven't done a lot of things.

Entrepreneurs say in an economic boom it's actually hard to build a company because everybody's too excited and there is too much money funding too many marginal companies.

When you're dealing with machines or anything that you build, it either works or it doesn't, no matter how good of a salesman you are.

There's always more demands than there's time to meet them, so it's constantly a matter of trying to balance them.

Whatever you're selling, storage or networking or security, you're going head to head with the incumbent players.

Organizations spend hundreds of hours and hundreds of thousands of dollars installing and implementing huge servers, new Web sites and applications. They have to continue to do that, but they also have to clean up the mess of the '90s.

PCs don't suck. They're inadequate.

Any new technology tends to go through a 25-year adoption cycle.

The reality is the world is a really, really big place, and there's a lot of people running around with a lot on their mind. And you really have to figure out how to build a company that can put on a message that can actually reach people and have an impact globally.

These days, you have the option of staying home, blogging in your underwear, and not having your words mangled. I think I like the direction things are headed.

Companies in every industry need to assume that a software revolution is coming.

I think 2012 is the year when consumers all around the world start saying no to feature phones and start saying yes to smartphones.

Great CEOs are not just born with shiny hair and a tie.

My own theory is that we are in the middle of a dramatic and broad technological and economic shift in which software companies are poised to take over large swathes of the economy.

We worked personally with a lot of great VCs. They just work incredibly hard at supporting entrepreneurs and their companies.

Over the next 10 years, I expect many more industries to be disrupted by software, with new world-beating Silicon Valley companies doing the disruption in more cases than not.

Qualified software engineers, managers, marketers and salespeople in Silicon Valley can rack up dozens of high-paying, high-upside job offers any time they want, while national unemployment and underemployment is sky high.

No one should expect building a new high-growth, software-powered company in an established industry to be easy. It's brutally difficult.

First of all, every new company today is being built in the face of massive economic headwinds, making the challenge far greater than it was in the relatively benign '90s.

The days when a car aficionado could repair his or her own car are long past, due primarily to the high software content.

We are single-mindedly focused on partnering with the best innovators pursuing the biggest markets.

In the next 10 years, I expect at least five billion people worldwide to own smartphones, giving every individual with such a phone instant access to the full power of the Internet, every moment of every day.

Any time you stand in line at the D.M.V. and look around, you're like, Oh, my God, I wish all these people were replaced by computer drivers.

Over two billion people now use the broadband Internet, up from perhaps 50 million a decade ago, when I was at Netscape, the company I co-founded.

Nokia and Research in Motion needed a modern operating system. They could have bought Palm or Android before Google did, but they didn't. Today, it's probably too late, and at the time they would have been criticized for overpaying, but as they say - shift happens.

Tech stocks are trading at a 30-year-low when compared to the multiples of industrials (companies). It's the weirdest bubble when everyone hates everything.

Practically everyone is going to have a general purpose computer in their pocket, it's so easy to underestimate that, that has got to be the really, really big one.

We have never lived in a time with the opportunity to put a computer in the pocket of 5 billion people.