Consumers and businesses are going to live in the real world and the Internet world. The lesson is: Traditional companies that are tied into the Internet ought to have more growth and Internet companies that are tied into more traditional companies should have more profitability and stability.

Maybe what eBay does is so part and parcel that you can't tie it into the traditional world.

It's [the Internet] not going to replace everything. It's going to complement most stuff but there are some things it's going to supplant.