I think most investors would agree with this entire post... EXCEPT for one point. I think if you asked the top Valley investors what they thought of the "Scale up and out" point (tl;dr Dave is contending that the valley is getting comparatively less important, geographically speaking), I think they'd almost universally disagree. This is a big bet from Dave/500s. As someone who doesn't necessarily love living in the Valley, I hope he's right. :-)