♪ emily: what do you think about valuations, are we at peak unicorn?: every time you ask a question like that, somewhere, a fairy dies. the unicorn fairy, you have to believe in them. [laughter] steve: i do not know. it is interesting how the private funding world is reaching valuations. at early stage investing, way before the unicorn phase, we are fine if people want to invest in those prices. two companies i am on the board of, we got new offers in unicorn. born everyns being week!" it does not mean anything. the ipo window may be shutting. it seems that way for biotech stocks. emily: i have to ask you, a $10 billion valuation in theranos, do you stand behind them and would you invest again? steve: we stand behind them in the sense that we are in investor. we do not have the answers to the questions swirling around, can i give you an answer to the questions others are asking. i don't have that. here's what i can tell you. i remember meeting her when she was a stanford student, elizabeth holmes, as a teenager started the company with great passion. i

are we at peak unicorn right now?ime you asked me a question like that, somewhere a fairy dies. i don't know, it is interesting how the private funding world is reaching valuations we have not seen. we focus on early-stage investing and growth stage investing that is way before the unicorn phase. people want to invest at those kinds of prices. in fact, two companies on the board just got offers at this new unicorn phase, new unicorns are being born every week. i think what is interesting is shutting.po may be emily: is it closed? steve: it seems that way, certainly for biotech stocks. emily: i have to ask you about theranos. in theranos,vestor now at a $10 billion valuation. do you stand behind their nose? would you invest again? steve: we stand behind them and that we are investors and want them to succeed, but we don't have the answers to the questions swirling around, which is can i give you an answer to the questions others have? i can't do that. i remember meeting her, elizabeth holmes, when she was still a stanf