isis is the struggle for the soul of islam. countering violent extremism and destroying isis must be done primarily by muslim countries with the strong support of their global partners, the united states, the u.k., france, germany, russia, iran. [applause] interestingly, these same sentiments have been echoed by many in the gulf region. second said inhe a recent speech that terrorism is the greatest threat to our region and that muslims must lead the fight against it. he noted that confronting extremism is both a regional and international responsibility and

that it is incumbent upon muslim nations and communities to confront those who seek to hijack their societies and generations with intolerance and violent ideology. let me congratulate king abdullah, not only for his remarks, that also for the role that his small country is playing in attempting to address the horrific refugee crisis in the region. [applause] what does all of this mean? in many cases it may mean that we ask more from those in the region. egypt, turkey, and lebanon have taken the responsibility for

taking in syrian refugees. others in the region have done little or nothing. this is a point that must be made. it is a contentious point. perhaps not everyone agrees with me. in my view, entries in the region like saudi arabia, kuwait, qatar, uae, countries of enormous wealth and resources have contributed far too little in the fight against isis. [applause] and that must change. king abdullah is absolutely right when he says the muslim nations must lead the fight against isis and that includes some of the most wealthy and powerful nations in the region, who up until this point have done far too little.

saudi arabia has the third largest defense budget in the world. instead of fighting isis, they are fighting -- focusing more on seikhaign to put down rebels in yemen. the ruling family was restored to power by united states troops after the first gulf war. they have been a well-known source of financing for isis and other violent extremists. qatar been reported that will spend $200 billion on the 2022 world cup including the construction of in a norm is number of facilities to host that event. $200 billion to host a soccer event, yet very little to fight against isis. [applause]

change.t [applause] and powerful muslim nations in the region can no longer sit on the sidelines and expect the united states to do all of their work for them. as we develop a strongly coordinated effort, we need a commitment from these countries that the fight against isis takes precedent over the religious and ideological differences that we desperately need. [applause] my remarks bye saying this. thank you to every person in this room. [applause]

too fewing what americans are doing and that is protecting democracy and getting involved in the political price -- process. thank you all. politicale you a reality that i think all of you understand. that is republicans win elections when voter turnout is low. that's a fact. democrats win when voter turnout is high. what we try to do in public policy and politics is encourage more and more people to participate. republicans, sadly, try to suppress the vote and make it harder for people to participate

. having said that, i believe that if we are going to retain the white house and continue to build on the excellent work that president obama and vice president wyden have done -- biden have done -- i believe from the bottom of my heart, if we are going to succeed in doing that, regain the senate, take governor seats across the nation, we need to have a campaign which is striking a nerve of working people, young people, and many of our citizens who have turned their back on the political process. [applause] thelieve that that is campaign that bernie 2016 is

creating. overi go to events all this country and i see 20,000 people coming out, many of them have never gone to a political meeting in their life. i see a future, not just of my candidacy, but of the democratic party. [applause] see hundreds of thousands of people, many of whom have never been to a political meeting in their life. they want to get involved with campaign. 2016 i see hope for the future of this country. i believe that the campaign that we are running, the campaign which is generating an enormous amount of energy and excitement all across this country, is a

campaign that not only retains house, but takes the democratic party a huge step forward into the future. [applause] running a campaign which change inreal america. a campaign that calls for political revolution. tonight i implore you to join in that revolution. thank you very much. [applause] [captions copyright national cable satellite corp. 2015] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] >> bernie!

bernie! bernie! bernie! [applause] [applause] >> whoa. thank you all. thank you so much. thank you.

new hampshire. thank you. all, so much. wow. thank you. thank you. wow, it is wonderful to be here. >> hillary! hillary! ms. clinton: thank you. thank you all, very much. i am very conscious that i am all that stands between you and the kickoff of the patriots game. very wonderful to be here i want to thank everyone who has worked so hard to build this

campaign from the bottom up all over this state. i am so honored to have the support of your terrific senator your amazingn and governor and your next senator maggie hassan. they inspire me every day with their leadership. i also want to thank congresswoman custer and carol for all of your support and executive counselors, local leaders, grassroots organizers, who are doing so much across this state. with your help, we are going to elect democrats up and down the ballot next year. [applause] that new of you know hampshire has always been a special place for me and my family.

you have fought for me and now i am fighting for you. since the start of this campaign, i have heard the worries that keep new hampshire families up at night and i have heard the hopes that get you up in the warning -- morning. the stress when bills pile up. just walking to the mailbox can be an act of courage. the pride in getting that at her job. feeling secure enough to put a little more a way for your retirement. you have shared with me the feelings that you have when you are feeling -- caring for an aging parent or a child suffering from substance abuse or a loved one with a mental illness. i listened to your stories and the courage and resilience. it can take all the strength you

have, especially if you are already under pressure at work and there is not anyone to lean on at home. i know we can do better. just in the way you found a way to make it work and the worst of the recession, taking an extra job, working an extra shift, putting away a little extra money where you could. we are going to make this recovery work for you. we are going to make our economy work for everyone, not just for those at the top. [applause] do it by going to making promises we cannot keep. we are going to do it the way we have always done it before. rolling up our sleeves and getting the job done together. next to the hard work and determination of the american people, we have come back from the worst financial crisis since

the great depression. i want to ask you to remember the mess president obama inherited. i want you to remember the fact when weomy does better have a democrat in the white house. this is evidence that our republican friends would prefer we forget. thing theydo every can't to impose a state of collective amnesia on us. i cannot going to let them forget. the last 30 years we have had five residents. twoe republicans and democrats. i happen to know most of those democrats. each of them inherited economic problems from their republican predecessor. in my husband's case, it was a

recession. statest of the united have been quadrupled in the previous 12 years. i remember bill telling me shortly after the election, it is so much worse than they told us. whats asked at the time, do you bring to the white house from arkansas? he thought and he said, arithmetic i guess. he got to work. eight years later, we had 23 million new jobs and income rose for everybody, not just those at the top, but people in the middle, working people, and poor people all saw their incomes go up. and we ended up with a balanced budget and a surplus. you would think that might have given the republicans an idea about how to run the economy.

instead, they went right act to trickle down economics. cutting taxes for the wealthy, getting out of the way of corporations. 8 election,er the '0 president obama called me and asked me to meet with him in chicago. i did not know why. it turned out he wanted me to be secretary of state. before we got to that, he said that it is so much worse than they told us. i have heard that before. but it was. brink of athe great depression. we were losing 800,000 jobs a month. he for the president turned it around, 9 million americans have lost their jobs. 5 million homes lost to foreclosure. althtrillion in family we

disappeared. now, i do not think that president obama gets the credit he deserves for saving the economy on the republican mess that he inherited. [applause] we're still not running the way america should. paychecks for most people have barely budged. payorate profits and ceo are at near record highs. something is wrong with the top 25 hedge fund managers make more in a year than all of the kindergarten teachers in america combined. [applause] know, there are big changes in the economy that did not start with the great recession and they will not end with the great recovery.

many americans are finding it harder and harder to get ahead. there is too much talent that sits on the sidelines. costs that hit hard-working families like prescription drugs and college to wish and are all rising faster than income. that is why in this campaign i am fighting for an economy were nothing hold you back and everyone who works hard can get ahead again. opportunities should be as universal as talent. america can only live up to our potential when every person can live up to his or hers. let me tell you about the america we are fighting for together. it is an america that creates good paying jobs for the future where wages rise faster than cost. plan to help out a put americans to work. our roads and bridges

and tunnels and all of the airports and the ports in the rail systems. holding that economy for the future. i was very proud to be endorsed by maher walsh and have so many of the construction trade unions that have endorsed me. they know that i am going to put them back to work. [applause] will establish a national infrastructure bank to get more public and private investment flowing. not just bricks and mortar's. 100% of american households to have access to affordable, high speed internet no matter where they live. [applause] set some bigto

goals for clean energy and scientific research. i have said, let's install half a billion solar panels in four enough renewable energy to power each home in the next 10 years. to get paychecks growing, we must raise the minimum wage so that it no longer is a poverty wage. [applause] the republicans do not favor that. you've heard them. crisscrossing new hampshire day in and day out. not one of them believes in raising the minimum wage. i think it is really unfair when full-time, particularly because two thirds

of minimum-wage workers are women, work full time and cannot get themselves out of poverty. it is shortsighted. consumption economy. you raise the minimum wage and that puts upward pressure on additional wages. -- customersre cut for new hampshire businesses. that means more financial security for new hampshire families. it actually helps to spur the economy. the next time you see the republicans going through town, ask them what they do not like about raising the minimum wage to help people get ahead and help our economy do better. [applause] and you know, i'm almost isarrassed saying this, it november of 2015, after all. it is time to finally guarantee equal pay for women.

[applause] another onehis is of those issues that the republicans just do not believe they should before. i don't get this either. when you shortchange women, you shortchange families, you shortchange the economy. the next time they come through one of the towns of new hampshire, you see them on the street. them, whyand ask don't they believe in equal pay for equal work for women? easierhave to make it for small businesses get the loans that they need to grow and hire not just the corporations that can afford to hire the

lobbyists to grow even bigger than they are. and we have to close the loopholes that let corporations ship jobs overseas. instead, invest in jobs right here in america. workers sharing profits with employees instead of bigger bonuses for ceo's. if it works here in new england, it can work for america. [applause] so far as i know, i'm the only candidate in this race that has pledged to raise her wages, not your taxes. those at the top should pay more and you should a last. i have proposed tax cuts to help middle-class families forfor college, pay

welfare, and help to pay for an elderly parent. i oppose any proposal that takes any money out of your paychecks. we are fighting for an america where everyone who works hard opportunity and that starts with high-quality preschool available for every family in this country. [applause] bestf our kids deserve the start in life. it also means getting back what 12 education and supporting our teachers, not scapegoating them. [applause] means making college affordable for everyone. you should not have to borrow a

dime to pay to wish and at a public college or university. everybody should be able to refinance their student that, just like they can refinance a mortgage or a car loan. affordable comes to college, i will not spend your tax dollars -- tax dollars paying for arnold trump's kids to go to college. that is not a good investment. that is not smart. working-class, middle-class, and poor kids go to college. [applause] true ladder of opportunity has to include lifelong learning, job training,

and apprenticeship. here in boston i talked about apprenticeship. i think it is one of the best ways to prepare young people and young people returning to the workforce for the jobs that we have. i also believe that middle-class jobs should lead to a secure retirement that you can count on. [applause] protect social security and expanded for those who need it most, especially elderly women, widows, and people who have spent years caring for others without getting paid. [applause] the caregivers of a america deserve security, just like everyone else. we are also fighting for an america that leads the world in strength and smarts.

keeping our people safe and defeating the terrorist networks that defeat us. americanvery pillar of power to get more allies off the sideline to go after isis in the air, on the ground, and in cyberspace. we cannot give in to the fear mongers that say we are at war with islam or we should put every muslim in america in a government database. that is not who we are. that is not smart law-enforcement techniques to find out the information we need to keep us safe in the first place. [applause] otherthe fact is that no country on earth is in better position to thrive in the 21st century. i happen to think that america is already great. we have to work to make it greater by working together and

solving our problems again. [applause] aren't election, you just choosing a president, you are choosing a commander-in-chief. i promise you i will get up every single day and do what it takes to keep our country safe and strong. i take this very personally. i was a senator from new york on 9/11. i spent years working with the victims of that horrific attack. working with the few survivors who were so grievously injured. working with the first responders and the construction workers who ran towards the pile and stayed there for months, ending up sick themselves. i take a back seat to no one when i tell you i will do what protect us.ssary to

i will also do it in a way that further promotes our values and makes it absolutely clear that this country of ours will continue to lead the world, not only in the dangerous spots, that in pursuit of the opportunities that will make us even greater in the future. [applause] >> now, we're also fighting for an america where we lift each other up and we have each other's backs. this is an america where we support families, neighborhoods, and communities because when families are strong, our country is strong. where more young people seize the responsibility and ability of national service. when they do we'll make sure that they can go to college absolutely debt free. where immigrant families can stay together and have a real path to citizenship not get

ripped apart by deportation. where we end discrimination against lgbt americans once and for all. it's just wrong. it is wrong that in many places in our country you can be married on saturday but fired on monday for who you are and who you love. hat has to change. the kind of america that i'm working toward will be one where people struggling with heroin, prescription drugs, and other substance abuse get the treatment they need and end up in recovery not in prison. [applause]

an america where we rebuild trust and respect between law enforcement and the communities they serve and work hopefully in a bipartisan way for criminal justice reform and to end the era of mass incarceration. and it's an america where we finally together stand up to the gun lobby. as you know, on friday there was another mass shooting. this time in colorado. our condolences and prayers are with the families of the victims. we think particularly of that brave, young police officer who rushed toward danger to protect others. how many more americans need to

die before we take action? common sense steps like capris henceish background checks, closing loop holes to let guns fall into the wrong hands, even people on the terrorist watch list. this is truly unbelievable that after what we've seen in paris and other places the republicans will not bring up a bill that will prohibit anyone on the no fly list from buying a gun in america. if you are too dangerous to fly in america, you are too dangerous to buy a gun in america. [applause]

we must get rid of the special immunity congress gave the gun industry. it was a mistake plain and simple and we need to reverse it. the shooting on friday was at as you know a planned parenthood clinic. a place where lots of women get health care they need, breast exams, s.t.d. testing, contraception and, yes, safe and legal abortions. we should be supporting planned parenthood not attacking it. and it is way pastime for us to protect women's health and respect women's rights, not use them as political footballs. here in new hampshire

republicans on your executive council cut off funding to planned parenthood. and in congress and on the campaign trail, republicans who claimed they just hate big government are only too happy to have government step in when it comes to women's bodies and ealth. it's wrong and we're not going to stand for it. i know when i talk like this some people especially of the republican persuasion say i'm playing the gender card. well, if talking about women's health, equal pay, paid family leave, and affordable child care is playing the gender card, deal me in! [applause]

my fellow democrats, for too long republicans have stacked the deck for those at the top, pushing an out of touch, out of date agenda that failed us and will rip away all the progress we've made. you know what they'll do. they're telling you what they will do. it's been my experience hanging around politics for a few years when people tell you what they intend to do, take them at their word. don't act surprised when they then try to do it. you know what they'll do. they'll give more tax cuts to the super wealthy, let powerful interests write their own rules, the pharmaceutical companies, big banks and polluters. that's who they're fighting for. republicans have voted nearly 60 times to repeal or weaken

the affordable care act. earlier this month i met a woman named amy in wyndham. four years ago she was diagnosed with breast cancer. she's gone through 16 rounds of chemo, radiation, surgery. thankfully, she had good health insurance, but if the affordable care act is scrapped, which a republican president and a republican congress will do, insurance companies will be able to go back to discriminating against preexisting conditions and people like amy could be left to fend for themselves. she is fearless when it comes to cancer but she told me how skired she is about losing her insurance. yes we have a lot of twork do to bring down costs and improve quality of health care in our country. but we are not -- we are not

going back. we can't go back to where women were charged more than men. yes, we'll improve quality of health care. i want to bring down out of pocket expenses. i want to tackle the rising costs of prescription drugs. but i will not give in to those who think we should rip up the affordable care act and throw our country back into a contentious debate where the insurance companies and the drug companies are likely to call the shots again. this is not going to be easy. but when it comes to prescription drugs, just know a few things. because already the drug companies are saying, you know, i'm going to prevent them from doing research that will save lives. ask them then why they spend more money advertising drugs than doing research. ask them why the american

taxpayer pays for the n.i.h. to help them with the research. pays for the fda to test whether a drug is safe and effective, and then we pay the highest prices in the world for the very same drugs. we're going to make sure medicare can negotiate for lower prices just like happened in canada and europe and everywhere else in the advance economy. [applause] >> i don't want to tell you any of this will be easy. i know it won't be. i still have the scars from health care reform back in the early 1990's. but i didn't quit. i got up. and we finally got the children's health insurance rogram passed. so we have to work together. you should expect all of us who are running for president, all of us to explain how we're actually going to accomplish

what we say we will do. some candidates may be running to make a point. i'm running to make a difference, a real difference for you and our families across our country. there is a lot to do to break the gridlock. we can fight back against the war on voting in this country. instead of making it harder to vote as republicans are doing we should be making it easier with early voting everywhere and automatic registration for everyone who turns 18 unless hey opt out. and we can't let republicans rigging donors keep our elections with secret, unaccountable money. we need to amplify the voices of every day americans with robust public financing and a supreme court that protects the right of every citizen to vote

not the right of every orporation to buy elections. nd i will tell you this. even if it takes a constitutional amendment we will overturn citizens united. from my very first job going door to door for the children's defense fund and more than 30 years fighting for kids, women, and families in our country i've learned how to make progress. start with our values. what we learned from our families, our faith, our country that has to be our guide. then sit down and really listen to people. try to understand the problems that may hold them back and the anxieties that weigh them down. bring people together to find smart solutions guided by

evidence not ideology then work like crazy to get results. we have to know when to stand our ground and when to find common ground. that's the way that i work with republicans and democrats to reform our thoughts on care and adoption systems, extend health care benefits to the national guard and reserve. provide 9/11 first responders with the health care they needed. klee ate that children's health insurance program. that's how i helped round up votes in a divided senate to ass a landmark treaty with russia that reduced the number of nuclear weapons that could threaten our country. most of all we're only going to make progress if we remember that everybody has a role to play in lifting up our country. there's nothing wrong with america that can't be cured by what right's -- by what's right with america. i know it is unusual. it is unusual for a candidate for president especially in these divisive times to say we

need more love and kindness but that is exactly what we need in america right now. so please, as we go through this election let's think about ways we could look out for one another. try to walk in each other's shoes. make sure no one in america feels left out or left behind. i'm running for president for all americans for the struggling, the striving, and the successful, because everybody can contribute to make our country even better. for the family keeping a 100-year-old furniture business going and growing. the students i met in exeter who dream of starting their own small businesses some day. i am running for the veterans i sat with in derry who served our country with honor and

courage. for keith the librarian from brookline whose mother has alzheimer's and he can't afford a full-time care taker. so he brings her to work with him and doesn't know where else to turn. i'm running for the young man who told me he got his first real job at 17 as a cashier at the store where his mother worked. she'd been there for years and when he brought home his first paycheck and showed her he saw his mom's face fall and asked her what's wrong. she looked up and said i'll tell you what's wrong. you're making more an hour having just started than i am making having worked there four years. i'm running for everyone who's ever been knocked down but refused to be counted out. that's a lesson my mother taught me a long time ago and that is the lesson i intend to teach my daughter and my granddaughter sloppings i'm able. from the southern tier to the north country from the upper valley to the sea coast you

deserve a president who will listen to you, fight for you, and deliver for you. if we do this together we'll build that america that we all desperately want to see again. where our success is measured by how many people work their way into the middle class, not how many c.e.o.'s get bonuses. i'm the granddaughter after factory worker from scranton, pennsylvania and now the grandmother of a wonderful little girl we had the pleasure of being with over thanksgiving. bill and i will do everything we can to ensure she has every opportunity to succeed. but i don't think you should have to be the granddaughter of a former president to share in the promise of america. the grand daughters and the grand sons of factory workers and teachers and firefighters and truck drivers should have that chance, too. let's get together. let's run a campaign. let's win but build an america where there are no ceilings for anyone! let's make it happen!

thank you all so much! [applause] >> hi tom. how are you? >> doing great. >> oh, thank you. thank you. how are you?

>> great. thank you. thank you.

♪ ♪ ♪ . >> why don't we get a photo? one, two, three.

♪

>> c-span takes you on the road to the white house. the best access to the candidates and town hall meetings. speechless, rallies and meet and

greets. we are taking your comments on twitter, facebook. campaign event is available on our website, c-span.org. >> monday night on the communicators, an author joins us from new york to talk about xbox revisited. he worked for microsoft for 22 years, including four years at the president of its chiefainment division and xbox officer, guiding its creation and development. he discusses technology, tech competition and microsoft. the importance of civics. >> all of us should and must do to make our communities operate more efficiently, more effectively. to make our communities service citizens and a better way. civics and it is super important. >> watch the communicators,

monday night on c-span2. >> coming up, a look at the tech industry with innovators and entrepreneurs. then former presidential speechwriters working for the white house and writing speeches in moments of crisis. later on q&a, author talks about his books threats around the presidency. year, techcrunch hosted its annual conference in san francisco, bringing together tech industry ceos and innovators. this portion included a father-son venture capitalist team. a drone expert. this is two hours. this is two hours. a year, they dragged me out of wherever they keep me and bring me up on stage to say stuff so here i am, a dancing

monkey. for, - juan and topher, thank you for coming here to talk with me and share what ever you are going to share with the audience. >> pleasure. >> i know there are some things you like to talk about but i would like to start with something else. >> you usually do want to talk about something else. and'm a venture capitalist it's not an easy job but it's also not the hardest i've ever had in terms of stress but a lot of these i see out there really seem like they have martyred themselves. knownare fairly well people talking about her need for support groups because of how stressful their jobs are. sometimes i wish there was a support group for a venture

capitalist to talk to one another. these weren't ironic. these were sort of meta-very seriously defined the same thing, that it's hard to be a venture capitalist and you wish you had it easier? >> we really do nothing compared to entrepreneurs. we play a very small role in the success of a company and its really us -- up to entrepreneurs to drive their own success. i don't think it's that stressful. it's one of the best jobs out there. it's a lot of fun actually. i'm not sure what the intention of those tweets are. i find them embarrassing. >> you are in there is. >> i'm and there is that a venture capitalist would think their job is stressful when

starting a company is the most stressful thing ever and investors are bystanders who get to witness the creation of these companies and we should be thankful for that, not stressed out and just help them out. >> i know what a venture capitalist does all day. [applause] >> that was fairly weak. [laughter] >> it's a relief. -- it's early. [applause] [laughter] >> now i think they haven't forgotten what you have said. if i was an outsider looking at what venture capitalists do, it looks like they tweet all day. humble bracts. i called them ego self these. is that what you need to do,

regurgitate on twitter all day? >> not at all. we are here to accomplish something. as technology becomes more important, every company in the world these to be a technology company now. silicon valley is under a microscope. ,> the world is watching us watching these idiots talk about how great they are on twitter all day. >> we need to be setting an example and showing the world of silicon valley is about. better capitalist don't need to be philosophers in 140 characters, they need to be helping their companies. >> the amount of face time with just the general public has dropped significantly. should be capitalists in the background. it's not our job to be in the limelight and taking all of the

credit because we really deserve almost no credit. >> we need to understand that tech founders today are leading the next industrial revolution. be honoredrs should they get to be a part of that help these down and companies be successful. how is sb note, doing? >> great. we continue to invest in about one company a week. we have seen great success over the last six years. currently, we are investors in 26 companies. companies like snap chat, pinterest. >> what people call in accordance. >> people to call them that. >> how many total unicorns are

there now? >> just over 100. >> what happened to the other 70% you did not invest in? >> cap them as mrs. i guess. missescount them as mrs. i i guess. least aboutknew at the other third. we understand the landscape. recently, david lee has retired. he was one of the partners in your fund. what happened there? two years ago, david decided to move to l.a. to spend time with his family. we started transitioning a lot of the day to day responsibilities from david to other members. now just a function of david being in a lay more.

partners to have our be more involved in the day-to-day decisions. we are 11 people strong. you didn'tid moved, tell the world this was a slow retirement for him, right? he sort of began to transition out. >> exactly. to the outside world, it was very abrupt but internally, it was seamless. he rest of our team members have stepped up and taken on responsibilities. >> any bad blood between you and david? >> none. i feel like there's more to talk about their. lastlast -- up until the fund, they were in the 40 million range. your last fund was 75 million. how has that experiment -- tell us why you almost doubled the

size and how it's worked out and what the next fund will look like. fund raise a $75 million last summer as prices were increasing. rounds were getting bigger. they went from $1 million to $3 million so we needed to have more capital to invest. that has gone incredibly well. we have some amazing companies in our portfolio. while we are not currently raising a fund, our next fund will probably be a little smaller. more in the 40 range. >> you are saying it's an experiment that went well but you are going back to the old size fund. it must a reason. -- there must be a reason. >> as we observe the market getting a little more crazy in a good way, it's all very positive

for the ecosystem. we want to go back to a seed focused fund and you need to be nimble, quick and very decisive and trust your gut. it's all about investing a great people and that comes down to trusting your gut. and you start to think more like a portfolio manager then an angel investor and we want to get more of that angel investor dna back and focus on that. >> the other thing about a smaller fund -- it's practical and obvious but with a smaller fund, you pay your investors back click and investors love that. >> we make less investments or smaller investments or both with the smaller fund? >> the investment size will probably be smaller.

i think where fund gets larger, -- you areo misaligned with the entrepreneur. being a true seed fund come you can be 100% aligned with entrepreneurs. >> that you are currently not aligned. >> we are, we are just investing in little more and we are accountable investing a little less. raising the size of your fund to $75 million was the best decision you ever made and trumped only by the better decision to decrease the fund size back to $45 million. are most every other fund has gotten bigger and we will be one of the only ones who decides it's time our fund is

better. >> we never raised our fund size and you were last ones. >> a new trend. >> there's something else here. in the is the trend ecosystem you see right now? too many companies, just the right amount? >> prices have definitely gone up. >> evaluations have definitely gone up. for us, that's not a negative. we're still searching for the company that will be the all you over $1 billion. with an ever, you see the number of companies over $1 billion has gone out of proportion with the number of companies being started. have gone out,s we still see companies making it to the stage where they are

generating revenue with real businesses. >> you are pretty comfortable with the market. we still attract some of the best entrepreneurs in the world and one of the best places to find companies and invest. perfected the system. it's so well thought through. then their screening process where they have the alumni evaluate the thousands of companies. with they you end up

stanford of accelerators. >> paul graham recently said that ron conway is the most important and best investor in silicon valley right now. -- you come up on stage and do you guys go to dinner, smoke cigars come and say listen, you say i'm the best and i will say your the best? you are called the godfather of silicon valley. is this payback for him saying you are the most important investor? >> i think it's about who adds value for founders and who helps those inflection points when a founder needs to accomplish something. >> so you do have cigar meetings. >> cigars give me indigestion. [laughter] >> investing is all about reputation. i think paul has realized that.

we had a greater rotation because we are all about helping entrepreneurs. we have one customer and that's entrepreneurs. our entire firm is set up to help that one customer. >> ok. are we in a bubble right now? i don't want to take this into the same path that everyone does but let's talk about valuation. you are comfortable in the market right now. you see any problems on the horizon? >> i don't. the opportunity has never been larger. the amount of mobile phones in the ecosystem today. >> how old are you? >> 29. >> have you ever been in a downturn? there are these young guys today who have never seen anything but the perfect world we live in now. he realized stuff goes down sometimes right?

>> i believe i was in a great or high school -- in eight grade or high school. meetings attending angel investors when i was 13. >> it was real rough on you when the economy fell apart. >> very rough. makes a great conversation piece. it was really interesting seeing the downturn. >> nothing concerns you right now on the horizon about the overall economy and the technology economy? interest rates rising? inflation? that are greats companies and great businesses will survive. the companies that probably aren't the best don't have a thought-out business model where having some products that can fit.

having the doubletalk or not, i would say that no matter what. >> i am very concerned about the global economy but honestly, the lps don't pay us to be. they pay us to invest in startups. to some extent, it doesn't matter. they want us investing in venture capital because that's how they hedge their risk. your optimism is awesome. >> eternal optimist. speaking of paul graham, i did have a dinner with him recently without cigars, a little wine. >> do you guys hold hands? >> no, no, our wives come with us. about all the up

session over private company valuations today and paul said something that really struck me. he said there is multiple categories of investments in the united states. and then youaq, have private companies and private companies -- it's just another category. it's companies that have investors and in this case, most of the investors and private companies are probably more knowledgeable in a lot of the investors in the public companies. it's actually probably a more qualified marketplace to have investments. categoryte company happens to have founders who don't want the scrutiny of quarterly earnings announcements. they want to build out of business but it's just another category. let's not obsess over it.

i think people are obsessing over one of the investment categories. let's assess over nasdaq and nyse as well. talk about the do good stuff you are up to no. are you finally addressing the plague of bicyclists in the city? is that one of the things you are working on? >> we're not going to get rid of them. >> to agree it would be for the best. >> we need to accommodate them because the city safer there are pedestrian bicyclist collisions every day and the mayor is trying to address that. >> wasn't your wife that bought a bicycle recently -- hit by a bicycle recently? >> she was. her other priorities in san francisco.

bicyclists are- one. >> you do agree it's a problem that needs to be addressed. >> it is an opportunity. a great motor transportation because people know there are too many cars. let's fast-forward to the letter h -- housing. san francisco has a huge housing problem. and the tech industry has a lot to do with the housing issue. 2011, 101,000 tech jobs have been created in the city of san francisco. give your selves a round of applause. [applause] san francisco's unemployment in 2011 was approaching 10%. today, it's less than 4%. on thegest problem

agenda in 2011 was unemployment. that problem was -- is solved. a byproduct of that is housing ballotlee has put on the a housing initiative called proposition a. we have a list of the ballot initiatives that are coming on the ballot in november and i cannot stress enough that the tech industry has got to register to vote. >> is this you telling people how to vote? >> it's recommending. recommendations. >> are you allowed -- >> is it on your screen? >> is this legal? can you tell people to register to vote at the same time to tell them how to vote? >> we ask and we recommend. ifwe asked the tech industry

we are going to solve these issues, we have to register to vote and vote. grab your pencils and write down this url. weupvote.us. you register to vote in three minutes and on november 3, you vote. we can make change. 1000 techncisco, over companies are members -- we recommend how to vote to make san francisco a better place. >> cap many times it should people registered to vote? >> usually just once. >> unless you have a spouse and register them. >> yes. >> think so much for this update. >> i want to talk about philanthropy for one second. over 400 companies have signed the 1% pledge.

i talk about this every year. i give an update on philanthropy. the 1% pledge is where companies pledge 1% of their equity, 1% of their time, and 1% of product for philanthropy. when a yelp went public, they did the 1% pledge. 1% of their stock when they were a startup turned into $50 million. they are not donating to the community $50 million. salesforce was the pioneer -- 400 have signed up. >> where does the money go? >> wherever the company who signs up for the pledge -- most of the companies have a group of employees and team members decide where that money should get donated. so san francisco is giving back.

>> thank you very much. >> it's a pleasure. [applause] >> about 2.5 years ago, we had our battlefield at the new york district. a little company called the benefits got on our stage and launched. secretly or may be, battlefield companies always hope to come back as speakers. that is what is happening today. please welcome to the stage, parker conrad and our moderator matthew lindley. [applause] ♪ >> how's it going? >> pretty good. -- it's been,

what, 2.5 years? >> we were a startup. it's been kind of a crazy 2.5 years. it's been a crazy ride for you guys. >> it has been. there has been a lot of growth. started right here -- well it was a new york event but it's been consistently growing since then. >> i imagine your growth is probably the and the other lot --people in this room dish growth is probably the end of a lot of people in this room. importantt thing people can do is set aggressive goals. and setcompany sat down goals we thought were ridiculously unachievable. because lars -- we

told him we would go from one million to 10 million in a year and we were pretty proud of that. he said why aren't you going to do 20? why not something much larger? we've reconvened and asked ourselves what would it take? it sounds impossible but what would it take for us to get there and we thought we would have to split our sales teams and hire more aggressively on the sales side and scale out this stuff faster than we thought we were going to. we kind of said let's try that and see what happens. it was working so we would just increase our targets. >> and how big are you guys now? about 1600 people. >> and you guys use zenefits internally, right?

what is that like? >> internally, we say zenefits runs on benefits, which means we only do things supported by the , and sort of suffer if it is not. are our own largest customer at this point, so it is pushing the envelope in terms of what the product can do and how it works for larger companies. >> do you have any crazy stories from the past 2.5 years? >> i'm trying to think. i'm sure there are. the craziest stories have been about how quickly we had to grow , the number of people coming on preparing for all the growth in customers. it focuses you. at one point, i remember we were

not growing quite as quickly, but were doubling in size for eight weeks. >> are you right now as well? >> not right now. that would be rough. but we work for a long period of time. it kind of means that every problem you encounter related to scale is going to be twice as bad in two months time, so you don't have a lot of time to fix it and address it. but it is exciting. it focuses everyone on what is really important. of course, it also helps attract and retain a lot of talent. thannly thing worse growing really quickly is not growing really quickly for a startup. it is a lot worse the other way around. .rowth feeds on itself growth is how startups put a stake in the ground about their

vision of the future. it is how you say, listen, we are right. this is the shape of things to come. you prove that to the world, and that means when you are growing, there is a lot of challenges to that, but it also means you can attract all the best people, attract a lot of capital. you get attention from the press and customers. it is a much better state of affairs than the alternative, to beng growing -- which is to growing slowly. >> and what is your pitch to engineers and salespeople as you continue to grow? >> basically that businesses only have three systems of record. they have one for customer information, which is salesforce, they have one for financial information, which is oracle and intuit, and they have a system of record for employee information. right now, there is a gaping

hole in the universe for that third leg of the stool. by the way, we think it is the most valuable of the three. all of the companies that are successful in these spaces are $50 billion, 100 billion dollar companies. we think our growth indicates zenefits is a company that has shaped the whole universe. our cage is, this is a chance to work -- are pitch is, this is a --nce to work for a company some of the stuff we do is boring -- but in several years bye, zenefits will be used thousands of businesses around thingsted states to make easier around benefits, compliance, all this sort of stuff. that is a fun project to work on. >> why did this fascinate you to begin with?

was awas an area that real pinpoint for me personally. a lot of our product roadmap at zenefits comes from stuff that i personally disliked doing as a company founder, even today. i am still the only admin in our system. we have people in hr who don't have access to the hr system. i kind of do all of it myself. >> why is that? just for practice? i am a little crazy. mostly it means that i experience a lot of pain points in the product. right now, we get a lot of employment verification requests. anders, people applying for apartment, that sort of thing. every time that happens, i have to go into the system and help pull that information so we can respond. we are thinking, how can we build an automated employment verification system that

employees can use and do themselves and take that work off of hr staff at a lot of companies? it reveals a lot of the pain points and stuff that is not fun to be doing. >> and you guys deal with interesting regulatory challenges as well. from what i understand, you guys are now compliant. watching a are product that is basically free affordable care act compliance for all of our customers. the thing about aca compliance is, it's one of those things that is super boring, but none of you guys want to do with it, in january or february, every business in the united states will have to start filing a socially a second tech -- essentially a second tax return. you will have to file a second one with the irs for health insurance benefits.

people are estimating it is going to take most businesses about 13 hours of work a month to do this stuff, probably about $3000 or $4000 a month to cover the cost of doing it will stop zenefits. -- the cost of doing it. zenefits will do this for free. keepll track everything, track of all the data, fill up the forms. >> is this mostly a problem that small businesses have to deal with, or do larger scale businesses have to deal with it? >> one of the things with the affordable care act -- by the way, i think zenefits is the only business in the united states where more government regulation is a good thing, because it creates more problems we can solve for our clients. when companies are doing all whenstuff in our system, you have your payroll connected, you are doing your benefits, all this stuff through zenefits, we have all the information we need

to handle this other stuff for you. this ends up becoming like a protocol layer that we can build applications on top of. a lot of those can be compliance related, where we handle this stuff for you. for larger companies, they have armies of people that can handle all this administrative work, but for smaller businesses, if you are a 75 person company, you don't have someone whose job it extra 15 hours a month just tracking all of this boring aca compliance stuff. if you could just give that to zenefits and make it go away, that is cool. >> that is one of the egg's sales pitches for zenefits in general for smaller companies. all this stuff you don't like go away. we think of our mandate is everything that has a nexus to , everything record with ties to employee

information, which is one of the core systems of running a business. because we have all that data in our system, we can eliminate all these headaches associated with it. and you can primarily work with smaller businesses, but eventually these businesses will grow up. do you expect to grow up with them, and if so, how do you convince them to stay with you instead of jumping to other payroll providers or hr benefit providers? >> right now, our size is five to 1000 employees, but we are much bigger than that ourselves. there is no fun a mental break point that occurs -- fundamental breakpoint that occurs at 1000 employees. it's just that above 1000 employees, other stuff exists. you can put oracle in for an hr system. you could spend 18 to 24 months and lamenting it, so i am not sure why you would want to do that, but it exists. -- implementing it, so i am not

sure why you would want to do that, but exists. functionality is growing quickly enough to where we can support everyone as we get bigger. >> what are some of the markets you can look at when you consider how you want to continue growing? about it is, think zenefits is fundamentally an employee provisioning system. it's like, listen, if you think about how this should work, there should be a button you click when you want to hire an employee. let's say i want to hire john, he starts on this date, reports to so and so, go figure it out and make everything happen. and we take care of everything. whether it is getting offer letters signed, getting them set up on benefits, getting them running on payroll. ,nd there is a button where when you need to terminate someone, it does everything in

reverse. as the exchange with employees, they get married or have a kid, all the systems update automatically. the way we think about it is, what are all the places where new employees need to get set up? what is all the administrative work, not just across hr, but across i.t. and other parts of the organization that someone needs to get up and running? that is where we look for products that either we are going to build or will partner with others to get integrated and connected up with zenefits. >> i do you feel about payroll thin? -- how do you feel about payroll then? >> i can't announce anything about new products or where we will be going, but pay well -- payroll is an important spoke. we partner with a lot of payroll companies, and we want to keep those connections open. when one businesses to choose the payroll company they work with.

want businesses to choose the payroll company they work with. >> the last time we spoke, he compared it to plumbing. can you elaborate? >> payroll is like plumbing. the concept of a payroll system is very binary. either it works, or it doesn't work. it is accurate or it isn't. if it is accurate, you don't get special points for getting more right, and if it doesn't work, it feels completely, even if there is one issue. it is kind of like plumbing for a house in that way. you don't really buy a house because the plumbing is really great plumbing, but if you have a house where the plumbing doesn't work, it would be a disaster. the important thing for us is that we make sure that there are solid payroll systems that clients can use with senators. but it is not at that layer of the stack.

tax filing service. the differentiators about the applications you can build on top of that to make people's lives easier. >> you have ridden this roller coaster-like growth. what would you recommend for people in here in terms of running a business and things like that? >> it sounds cliche, but hiring good people early. hire has never been a where we stretched upon the amount of equity we were going to give them, or the conversation we were going to offer, that we ended up regretting. sometimes we think, this is going to be expensive, should we go there? every single time only have done that,-- when we have done

we are glad that we did that. i don't know where we would be today if we hadn't made that move. >> do you have a good story behind that? >> for me, when i started -- iits, i probably was thought, listen. we are just going to have engineers and salespeople, what are these other functions, whitey need them? i was very naive about that. it was a long time before we had finance team in place. every single one of those functions, i looked back, and i'm like, man, i wish we had really invested in finance wish we i really

invested in project management earlier. all of these things where we were late. once,n't do everything at but in retrospect i wish we started all that stuff sooner than we did. >> what would you advise everyone to not do while running their companies? >> to not do. umm. a lotd probably worry less on evolution. i would focus on getting the right investors in early on, raising more money than you need. i started a company before this where we really struggled to raise money. we were told no by every vc in silicon valley and pretty much every vc outside silicon valley

as well. i was erring on the side of raising more than i needed every round. we could find ways to use that to accelerate growth and investment were, things like that. >> how do you deal with this onslaught of competition with people like adp coming after you? >> there are a lot of companies that are either pivoting to focus on our approach to the market, or there are a lot of new companies that are starting. it is flattering, because a lot of people are knowledge and this ,dea of an all-in-one system where as previously a lot of these systems were disconnected, creating a lot of headaches, it is the right approach to the market. of people adopting that kind of marketing messaging and branding. it is in some sense a reflection

of what zenefits has done, a marketplace. i think there will be advantages of scale in this market. terms of broadly in being a system of record for employee information, but also on the health insurance side. real electronic interfaces with all the major insurance carriers out there. that means we transact electronically while everyone else is having to deal with this stuff on pdf and over the fax machine. we can do that because we are the largest source of new business for almost all the major carriers in california, and probably most nationally now, in terms of the number of clients we send them. they are willing to do agreements with us and stuff like that. it will be a while before other companies can get to that kind of scale and create a more integrated experience for their clients. >> thank you for joining us.

>> great, thanks so much, man. [applause] guys?p, remember what i said about twitter and how you tweet? there is actually a prize involved. if you have been to disrupt, you know what it is, and it is not exciting -- not as exciting as you think it would be, but it is still a prize. in the meantime, we will get to our next panel. is it time to stick a fork in bitcoin? i hope so. i am sick of talking about bitcoin, but these guys aren't. get ready. please welcome our next guests. [applause]

>> you go there. hi, i'm john biggs. we are selling bitcoin today. do we know what bitcoin is, everybody? three people. this guy right here loves it. everybody knows what bitcoin is? is such i am john biggs. i am a reporter. there is another reporter down here, nathaniel popper. he wrote a book about bitcoin. a book, if you are not familiar, is multiple pieces of paper put between others. it is closed and you can read inside of it. he wrote one of these, which is fascinating. now. lee, founder of btcc it used to be bitcoin china.

>> used to be bitcoin china, now we are btcc. guy.d arson tech -- our syntec guy, . word all give a three description of bitcoin. >> a giant spreadsheet in the sky with money on it. >> we will leave the smaller words out of that, that's fine. >> the world's first digital asset. >> ok. >> the best form of money we have ever seen. >> is it all going to fail? what is the state of bitcoin? are my four bitcoins safe? >> depends on where you have it. >> where should i put it? what is the state of bitcoin? >> as an industry, we are paying the price. ironically, i see much better

infrastructure than is really needed going on in bitcoin right now. i think we attracted a lot of thanest and acquire more $600 million in a short. of time. everybody's expectations was that this would change in six months. that didn't happen. this will take longer. we are paying the price for that right now. hopefully things will get on seek soon, but i can also silicon valley giving up on bitcoin before things get better. even though i hope things get better soon, i imagine them getting worse before they get better. >> are you saying a lot of aboutot excited something too young and expected massive returns? never happened before. bobby, why don't you describe. >> it is sort of like they say it isrles dickens' book,

the best of times, it is the worst of times. what is great about today is that we actually have bitcoin. we actually have a digital asset class that is fully visualize -- digitalized that we can have on a mobile phone or computer. that has never been done. we are also in two years of bear market. a lot of people lost faith and think the value will go down to zero, which i don't think. we will see. thingsill be interesting ahead of us. >> and a bear market is good because they are cuddling, right? >> that's right. it is a chance for all of you who raised your hand for not having bitcoin to look at it right now. >> so it is cheap. you can buy a lot of fishing line. unless you get in early and buy one, that's a different story. at the annual, what do you think?

nathaniel, what do you think? >> bitcoin has been a reminder about what money is. money is about trust. bitcoin was initially sold as a trust lists system -- trust-less system. that is why it was attractive to a lot of people. it promised this thing that was run by code, and you did not have to trust humans. i think what the bitcoin experiment has reminded people so far is that money always involves trust. you can't get away from trust with money. money is about knowing that somebody else is going to want this tomorrow, or thinking somebody else is going to want this tomorrow. with bitcoin, there have been a lot of things that have made people not trusted. people got excited about the idea, but you have to get more and more people to trust this thing. i think that the underlying code of bitcoin is still very strong.

it hasn't been broken. that is something remarkable. that's why wall street is looking at it today. but for people to use it as money, they have to trust it. it even lessst than they trust it today, the price could go down much further. if there is a problem with the code, if the cryptography behind that -- behind it is proved vulnerable at some point, it could become worth much less. on the other hand, there are a lot of smart people putting a lot of money into this right now. as i mentioned, wall street right now is plowing lots of resources into this. that certainly is reason to will beat the flaws corrected and this still has somewhere to go. was going on when this first started? you put in $100 million to test

bitcoin? what happened after that? you actually did your children's -- your diligence, and all of a sudden it was robbed the children will stop >> i spent it wasd money testing -- robbed by children. time and money testing the product. my experience with the product was the one that nathaniel just briefly mentioned. it is robust. you can always have a service on top of the product, and that is .hat happened they were incompetent, but if your weba problem with donate provider, it doesn't mean e-mailrily that the protocol is broken. it could mean that your provider is not up to par. puttingourself, you're bitcoin private keys into space?

where are you putting them? >> we keep bitcoin private keys .ff-line >> and what actual location? >> we keep them off-line in good locations, false. >> where do you keep the keys? >> they are in faults. the main one is in switzerland. >> do you have the password to get into the vault? >> i cannot do that alone. >> when you guys leave, we can talk about it. if you guys want to get out of here. no? sad -- issad, everybody enjoying this? do you like bitcoin? [applause] >> be happy about bitcoin. we are not going to stick a fork in it. it is still going to happen. do you like the way nathaniel portrayed you? a half god trade as half man who comes down and does amazing things, and you are a

style action li hero. do you guys liked the book that he wrote? >> i do like it. i feel like it did a good job at being entertaining, and it is very educational. because bitcoin has a very short story, if you read his book, you get up to speed on bitcoin. right now, he does a great job in getting up to speed in an interesting way. >> and you didn't finish it, right? >> i liked it. i'm in the middle of the book. have you guys read it yet? everyone. you should buy it. >> he likes it because he has not gotten to the part where he talks about you. >> is that right? did you have interesting stories when you research the book? researched the book?

>> yeah, the book opened at this event up in tahoe. the latest edition was just this weekend. a private event held by the pantera capital, that brought together a lot of big people. what is interesting is that this held at dan morehead state tatian house, which is a $1 million speed boat on the , which- vacation house is a $1 million speed boat on the lake, it is a gathering of these guys, many of whom were libertarians, not terribly social people. and then you see all the faces of bitcoins development. bitcoin's development. that drew me to write the book. if it goes away tomorrow, the fact that this thing came out of nowhere six years ago and became a global phenomenon is something -- andople actually something that people actually spent money on, it's crazy. time, i think to

understand it, and understand any technology, it is useful to understand the people who are behind it, and the people who are deciding to use it. that coin is frequently a for bidding topic for people. you get into cryptography and the code of it, and it is difficult to understand. is,if you understand why it it makes you excited. this guy basically left his job, sold his company to do this. what about bitcoin could get people so excited? thing, it was one a lot of different things. case, he grew up in argentina. the grandson of escapees of the communist revolution. those cases play into why bitcoin is attractive. different things in different places. that tells you a lot about the

world, even if you are not going to buy a bitcoin. and it tells you a lot about why whatin could matter, and it could do in the future. >> it won't matter for sure. don't get the wrong idea. do you think that coin is going to go away? >> i think it could. i think there are enough people who don't think that, that it gives it a good chance of not going away. likes the way i see it, bitcoin is not going away, the way internet is not going away. if you believe the internet will go away, bitcoin might go away. as long as the internet is with us, bitcoin is with us, because s first sourced' of electronic money and value not controlled by any government or system. already moderately successful, and the reason is because people actually value this. the genie is out of the bottle. >> i can imagine a couple of

ways in which bitcoin fails or disappears, and then there are the things i don't know. i would say that i am the most biased coin person -- biased bitcoin person, and i always tell people that they should not acquire an amount of bitcoin that they cannot afford to lose. there is a 20% chance that you can lose that money, so you cannot -- should not own an amount of that that you cannot afford to use -- lose. i also think there is a chance that that coin worth more than $100 million. -- that coin will be worth -- thanin will be worth more $100 million. all in all, it is a super risky investment. --will it stop the coming

becoming a resourceful investment for the techno-nerds? if i put a lot of money and a bitcoin fund right now, what do you guys think over the next couple of months? >> if it succeeds, is it like the internet, like the tc ip protocol, or is it like darknet? that is the big question that faces bitcoin. is it the predecessor to the thing that matters, or is it the thing that matters? at the beginning, you said, what is bitcoin? it is a decentralized spreadsheet in the sky that everybody keeps. that is the idea. that genie is definitely out of the bottle, and people are going to find ways to use it. the question is, are they going to decentralized spreadsheets, or are they going to use a different kind of spreadsheet that they build?

called a private database and it has existed for a long time. bitcoin is a decentralized ledger. there is nothing revolutionary about that. >> but the banks currently seem to believe that if 20 of them or theirthem are maintaining records together, and if one of those go down -- when visa goes down, you are screwed. in a system where 50 people are keeping the ledger, one of them goes down, you still have 49 of them. that is a little robust. running a joint venture with others. >> the difference is that in the existing banking system, the rest of us cannot elect to join the party. it is a boys club.

whereas with bitcoin, anybody can join and become a partner. >> to me, this debate we are having is the debate over whether bitcoin is going to matter, or whether the technology that bitcoin has introduced to the world, whether that is what's going to matter. >> are you into the block chain as a concept, or are you into bitcoin as a commodity? >> i think bitcoin is likely to continue on, as long as the technology -- these things can both happen. the banks can create their private databases if they want, and bitcoin can continue on. the question is how much each of them draws in. right now, there are still a lot of people using bitcoin itself for illegal transactions. it is not the only reason to use it, but there are people using

it for that. let's say the banks go over here and create their own thing, people are still going to want to use bitcoin. you can have them both. the question is, does this actually and up feeding into this so that you get the $1 million valuation? >> one only give these guys start up i did -- why don't we give these guys start up ideas. line, what are the startups you see connecting to bitcoin in the new furniture -- in the near future? systems fornt transfers, etc., etc. >> what needs to happen for the next generation of bitcoins to pop up on the scene? >> i will go first. my suggestion is, a lot of in startups really get in the something they are

passionate about. for me, it is bitcoin, for you, maybe something else. running a startup is hard. being an entrepreneur is hard. definitely go in an area where you are passionate. for us, it was bitcoin. we are still excited about it despite the fact that the industry has wavered a little bit. what do you want to see to make bitcoin it to that next -- >> i think that things that have to happen, there are six other million dollars that have gone into bitcoin companies, and we are beginning to see the infrastructure -- $600 million that have gone into bitcoin companies, and we are beginning to see the infrastructure build. i think there are things that can happen on top of bitcoin, or copying the bitcoin model. some of the interesting things are building our own identity on top of the block, or creating a separate identity.

there are companies doing great stuff there. if somebody had come to us six years ago and said, you guys have limited resources to work on the problem of solving money, it would have never occurred to me to work on building a public good. in the have to work constrains i have always worked with. you have intellectual property, you raise money, you have a board, you provide a service. the way we solved the problem is brilliant, it has none of that. it is basically developing it as a public good. when you think about what other problems out there would benefit as being a public good shared between all of us, i think identity is the one that comes to mind. the near-term promise for bitcoin seems to be less in money. money is where it gets really dangerous, and you can really lose a lot of somebody's money.

maybe if you start with lower impact uses of bitcoin, and i'm not saying that keeping somebody's identity is a lower impact use, but to me the real interesting thing about bitcoin is this idea of a spreadsheet in the sky, and this notion that one day maybe every transaction and interaction will be recorded on this spreadsheet. a v.c. about avc -- company using their coin as their own capital. >> if you are a visa executive, a bank of america executive, or a wells fargo executive, you have to be professional and say, i am interested in the block chain, but not britt -- not

bitcoin. that is the equivalent of saying i like a browser, but not the internet. it is ridiculous. they want to say something nice about it without saying something nice about it. that thedon't realize block chain does not work without bitcoin. is a trust list database, because the minors maintain it, and they do so because they get paid in bitcoin. >> nathaniel, bobby, wenzel, this was beautiful. was this good, are we happy? [applause] >> thank you very much. let's head out. >> hello. am i on? the fork is in bitcoin, that's good.

it's weird to introduce the interviews i'm going to do, but i am very excited about this one. when i first met our next guest, i was flustered. he is a big deal. he asked me, what is the greatest question of all? i kind of sputtered out to a few awkward answers. he asked me, it's "are we alone?" successfulf the most investors in the world. he is exploring space with his cash. we are really excited to have him on our skit -- on our stage. gary miller.e quite welcome. >> thank you. >> you are worth $3 billion. is that correct. >> possible. >> no comment. our first question is, you invest in these companies that are supposed to reach huge

demographics of people, the everyday man. you feel like it is hard to relate to the end-users of the services you invest in? >> say that again. to thet hard to relate end-users of the companies you invest in? that sort of interesting we have capital invested around the world. 40% in the u.s., 30% in china, 20% in india and europe. one would think that things would look different, given the ,iverse city of cultures demographics, and so on. what you see it again and again is a lot of similarities and business models that, with small variations, repeat themselves all the time. >> you have that pattern down.

that $200 million investment in facebook really put you on the map as an investor in a lot of ways. you had a $4 billion gain, and you sold the stake in both facebook and twitter, right? >> we usually don't talk about , but weour positions made big investments in both facebook and twitter. -- $800ted a note million total in facebook and $400 million in twitter. >> and you don't want to tell me whether or not you sold the stock, but who should be the twitter ceo? thing is, as a matter of principle, we never join boards of companies. this is not for us to make those considerations. >> let's talk about that for a little bit, not joining boards.

you are kind of known for having a very hands-off investment strategy. what is the purpose of that? why not get involved? we do get involved, but on an informal basis. and we invest in companies, many of them already have strong boards. ourselvesver push onto those boards. tight dialoguery with the founders, and we often help them with insights, just from our experience locally. it happens that you would see something interesting in china or india, which can be applied in the u.s., in a particular situation, and that's where we come in and bring the founders' attention to all the amazing phenomena happening around the world.

that's how we see our value. we developed this strategy of trusting the thaters, so >> initially, we think that was the case when we made our first investment in 2009, but more recently we see it is our global experience and something we bring to the table which really matters when they make the decision to take money from us. >> you said the other day, how many trips to the moon and back have you traveled?

>> the team is really small, but the way we are different from most of the other teams is that we have one team which is local, one team is covering all the continents, and that really makes our job pretty physical. we have to move around a lot throughout the year. just before coming on stage, i did quick math, and it turns out that six partners collectively are traveling to the moon and back three times a year, every year. >> ok, that is a lot of travel. speaking of international investments, you invested in transportation startups in india and china. you said in an interview that uber was kind of your big club. you lose a little sleep over luba -- over uber. given the conversation going on

right now around 1099 and w-2, general regulation issues with uber as they expand, are you still losing sleep over the deal , or is it something you are ok with? you have to start sleeping again at some point, so you can't just not sleep for a long time. i think uber is really an amazing business. the reason this is so much more difficult than facebook and google is that it is very much an off-line business. it is a combination of off-line and online which really makes it much more challenging to grow as fast as they have. it really calls for a special type of person to run these thisnies, because of unique combination of off-line and online and the skill set that is required for that. >> ok, what about the fact that

private valuations have been so ballooned up and the public market gets their hands on them. do you think uber will live up to its valuation when it goes public? >> i think so. what many people do not realize onthat uber cannot be valued existing market size, because it uber itself is growing the market. when that is taken into account, the valuation is absolutely justified. ifo confident that uber will do well. that 40% ofearlier your investments are in china, your portfolio. i think i read on the internet, that about 6% of gains are coming from china. you have a words i view of that space -- you have a birdseye view of that space.