In Geneva, I was seen as an outsider. In the U.S., I was considered Eurotrash. And in London, I'm seen as an American.

I'm always thinking as an outsider, and I'm always mindful of whether a company can be impactful on a global basis. Frankly, I'm paranoid about anyone anywhere who could be a competitive threat.

The Internet is beginning a new chapter. Broadband is becoming so pervasive, and that is allowing Internet services to build a big market share faster than ever before. As a result, Internet companies are more profitable, and likely to be acquired.

Is Amazon truly the best online buying experience? Absolutely not. Is eBay the best platform for auction? Probably not. Are dating sites like match.com really a reflection of the way people date? Probably not.

In the Valley, what's happened is you have entrepreneurs that just want to fill a hole in the market and have a rich exit.

Marc understands the Internet ecosystem better than anyone I know.