Fred Wilson vs. John Doerr at 2010 Web 2.0 Summit, sFund Announcement Video

The E-mini Nasdaq, S&P and Dow futures are unchanged tonight. Here's an update on the 15-min $SPY chart. I will report on the market tomorrow after travels. For now, watch this clip from the 2010 Web 2.0 Summit featuring venture capitalists' Fred Wilson (Union Square Ventures) and John Doerr (Kleiner Perkins Caufield & Byers - KPCB). They are early stage venture capital funds that invest in internet companies. For example, Union Square funded Twitter and Zynga and KPCB funded Google, Zynga and the sFund (Facebook is a partner, see KPCB video). Watch both videos for a good perspective on what's going on in web finance.

Both Fred and John think the web market is overvalued (volatility coming?). Fred dissed Apple's mobile platform (vs. Android), Google and Facebook as well! John Heilemann brought up that Fred said "Facebook is a photo sharing site with some chat attached". Fred responded:

"Look, I said that to be controversial. And the reason I said that is that people think that Facebook is this unstoppable juggernaut. It's not an unstoppable juggernaut. It's a very powerful company. I think it's the biggest and strongest executing company on the web right now. But people want to do more than what they can do on Facebook. They're not going to take over the web, they're not going to take over the world. And what a lot of people like to do on Facebook is go share photos with their friends and talk to their friends. And there's a lot of other things that we can do on the web, and will do on the web that we're not going to do on Facebook."

Source: O'Reilly Media 2010 Web 2.0 Summit

KPCB's sFund announcement featured Amazon's CEO Jeff Bezos, Mark Zuckerberg and Zynga's CEO Mark Pincus.