People tend to think of the web as a way to get information or perhaps as a place to carry out ecommerce. But really, the web is about accessing applications. Think of each website as an application, and every single click, every single interaction with that site, is an opportunity to be on the very latest version of that application.
The big advantage that we have as a venture capital firm over a hedge fund or a mutual fund is we have a 13-year lockup on our money. And so enterprise can go in and out of fashion four different times, and we can go and invest in one of these companies, and it's okay, because we can stay the course.