ceoe know that facebook mark zuckerberg has been pretty critical of the administration when it comesnsa saying they basically blew it in exactly those words. hoping toexecutives get out of this meeting when it comes to that portion up? -- portion of it? yahoo!, the companies whose representatives were at the table -- they sent a letter to president obama and members of congress raising issues with the nsa program. one of the things they said was that the u.s. should be taking the lead going forward. they also want to be able to rein in the program, to determine ways that they can determine how their culpability is limited, to prevent the government from participating in the collection of some of this data. this comes on the heels of the administration's review of these policies, the president receiving the classified version of his outside panel of x boards -- of experts recommending changes to the program. also the white house had a meeting a couple hours after the federal judge ruled the metadata collection problem -- program is probably a violation of the fourth amendment. >> we a

ceoe do this right, the actually has an interesting decision during our investment window.ady to go big? is this company who is figured it out, and now i need money to scale? by keeping it lean and mean, our founders have the option of getting profitable. this was not some that you could do back in 99, or 2000. >> we were saying isn't the point of the a round only going to a handful of the seed round companies? sort of a weaning process ? interestingt -- the ring is the definition of a round is interesting. we are dealing with companies who are in their seventh institutional close. anderson harwood comes in and puts $20 million in and calls in series a. it's the seventh institutional close. in many ways, by the time the big firm comes in, that company dr-r ually deep risk -- e-ricked. go spend thean you money, it means you deserve the money. >> you change the negotiating stance. letguys have been there to them choose their terms. >> a lot of times as ceo will come to us the term sheet in hand from bigger firms. they will say hey, bullpen, and only this much money at. what i

earlier, stephanie ruhle and tom ceoe spoke with the zillow about this deal. they started by asking him when the low and trulia will reach vertical mast. >> it is very early, so it is hard to say. real estate professionals spend $12 billion year in advertising zillow and trulia combined. you alreadye two of dominating, capturing all the online advertising dollars? have zillow and trulia, i no idea who's on third. >> there is a lot of fragmentation in this space will stop most real estate advertising still occurs off still occurs off-line, newspapers and outdoor advertising. a lot of it goes to a long tail of local real estate sites am including tens of thousands of real estate sites in any given city. that long tail in the aggregate is a lot of consumer audience. zillow and trulia are probably the best known national brands but is very fragmented as far as the local level. >> what is your ultimate goal customer we heard you do want to see zillow and trulia as separate entities. why not combine them and be separate brands question mark >> i think it's very impo