It’s harder to build great tech companies in great economic times. “One of the perverse things about a bubble in Silicon Valley is, it tends to fragment talent across too many companies, so you get sort of a suboptimal number of successful companies. If everybody starts their own companies you don’t wind up with a density of talent at one place, which is what really is required to build an amazing company, whether it’s PayPal or Apple back in the day, or Yammer or Square today.”