♪ emily: what is the myth of bill gurley and what is the reality? : i don't know if i can separate the two. i love being an investor. i think, over the past five years, people have made a big deal out of, do you have operating experience as a vc. i think over the next five years, if the markets play out like i think, they will be asking, do they have investor experience, because that is what the job is after all. emily: some will only hire partners who were former bill: 90% of the time when a venture capitalist opens their mouth, they are speaking to the entrepreneur they have not funded yet. there is a lot of marketing messages out there. emily: it is said you span a generational shift between old and new. would you describe it that way? bill: when i came into the business, john doerr and mike moritz were the legends of the game. i competed with them on the google deal and messed it up. emily: would you say you messed it up? bill: they presented it and we were like, oh, let it go. biggest mistake of my career. emily: what did 1999 look like compared

joining me today on "studio 1.0," seasoned venture capitalist bill gurley.

what a line-up for you this morning, the ceo of twitter, dick costolo first on cnbc, benchmark's bill gurley bourbon with passport capital. tim draper of draper fisher jervon. joining us is tim draper, with us as always, john ford, kayla tausche. tim, good morning to you. >> thanks for having me on your show. >> welcome to our new home. you're going to start with twitter, down another couple of bucks after revenue did miss estimates. monthly active users came in lower than expected. the company telling investors to reduce expectations for the rest of the year. shares did close down 18% yesterday. after analytics firm solarity got an early copy of twitter's earnings and released. trading was briefly halted before the company released the full report later on. nasdaq telling the cdc that an operational issue caused the early release of the data and one report was that twitter is the company that can least afford a move like this. >> absolutely. not only was the news bad, but the early release of it i was a little surprised to see it down november 4.5% this morning. given that even where the an

joining me today on "studio 1.0," seasoned venture capitalist bill gurley. thank you for

then, bill gurley made his way to the promised land of silicon valley, launching a venture capitalist benchmark capital in 1999. almost right away, the bubble burst. bill gurley rode the market up and down, along the way making his early bets on some of the best names -- twitter, uber, snapchat, instagram.

thomas: bill gurley called this the risk bubble.hen i joined the venture business, red point, in 2008 price the amount of money we would pay for a company was around 10 to 15 million dollars. we would put in 3 or 5 or by 20% to 25% of that business at $12 million to $15 million. now, we consistently save $15 million series a's. there has been a 4x to 6x expansion. cory: you still making those investments. emily: are there startups that you think are overvalued at the late stage private rounds? thomas: it's about how much risk and investor wants to take. there's lots of investors in the market that are taking lots of risk. if you have a bull market, a phenomenal ipo like you have in 2000, i think they will be handsomely rewarded. emily: thomas tunguz, partner at red point ventures. coming up next, we sit down with brian grazer to talk about how he stays curious and creative. ♪ emily: curiosity may have killed the cat, but it can also make your career. for the past 30 years, the man behind classic films like "apollo 13" and "a beautif

>>> tomorrow on "squawk alley," dick coslow of twitter and bill gurley of benchmark. now to headquarters and wopner and the half. >>> thanks so much. welcome to the halftime show. today we're following two major stories. apple hitting the record high after its blow-out earnings report and president obama about to meet the press. with japanese prime minister shinzo abe at the white house. we'll take you live to the rose garden when that event begins. there's plenty of focus on japan. you have the nikkei at a 15-year high, up 120% since mr. abe took office in 2012. let's kick things off with apple. the world's biggest company by market cap beating on earnings and revenue. raising the dividend, boosting buy-back. giving investors plenty to cheer b. you had the icahn tweet a short time ago. everybody on the desk owns it. pete you're the most recent buyer. doc, you bought it yesterday. what made you get in yesterday? >> just unusual activity. strong activity, it was ahead of the actual opening, strong activity in the premarket, judge. as it popped through 130. held it into

. >>> tomorrow on "squawk alley," dick coslow of twitter and bill gurley of benchmark.nd wopner and the half. >>> thanks so much. welcome to the halftime show. today we're following two major stories. apple hitting the record high after its blow-out earnings report and president obama about to meet the press. with japanese prime minister shinzo abe at the white house. we'll take you live to the rose garden when that event begins. there's plenty of focus on japan. you have the

what a line-up for you this morning, the ceo of twitter, dick costolo first on cnbc benchmark's bill gurley draper of draper fisher jervon. joining us is tim draper with us as always john ford kayla tausche. tim, good morning to you. >> thanks for having me on your show. >> welcome to our new home. you're going to start with twitter, down another couple of bucks after revenue did miss estimates. monthly active users came in lower than expected. the company telling investors to