The Hard Times In Silicon Valley

How about wireless?

No... I haven't seen a lot of fundamental innovation, and the bigger companies, not the start-ups, are in a better position to leverage incremental improvements.

Biotech?

One has to be cautious. The problem is, because the biotech companies do better in the stock market, everyone starts investing in biotech. One has to go with fundamental innovation. Especially since, when you invest in a start-up, you are not going to take the company public for four or five years.

Stock market aside, do you see positive indications about the economy?

My general view is that the economy is stabilizing, not getting better. But stabilizing is better than getting worse.