I can barely find a[n industry] category that doesn't have a significant technology component.

Venture capitalists are taking a longer view of that industry sector; they're willing to wait longer for an exit because they're getting in early. They have to be both willing to take risks and willing to be patient.

It's still Internet related. It has just rotated where the money is spent.

As recently as three years ago, the natural progression from seed to exit [either IPO or acquisition] was three to five years. That window is now 18 to 36 months. Companies can get to market faster and they have the money to do it.

We're playing with a much bigger deck.

[James Packer said this week that new technology had made the newspaper game] very scary ... Newspapers have never operated in a more dynamic and challenging, fragmented environment [but they're a] fantastic vehicle for news, entertainment and for advertising, and they will remain so.