I think he was making a dot-com (v1) boom joke. Wherein the overly simplistic business model math involving capturing just X tiny percent of a huge market was obvious justification for the profitability of a web venture. Turns out, there's no reason to assume that anyone can capture 1%, 0.1% or even 0.0001% of any market, merely because it's a small value doesn't mean it's easy to achieve.