what is most exciting now and driving high expectations for unicorn companies is the in almaty of thearkets we are investing behind. as an industry, we have never invested in markets is large. mobile, cloud computing, things like wearables and thrown flat worms, these are large, horizontal, vast markets. at the same time you are having this wide-open playing field, you have what would refer to as deep verticals. what airbnb has been to hospitality, we are seeing that across enormous markets like healthcare services and fitness and wellness. over a hundrede unicorns valued at over $100 million. is that fair? these companies are raising money on an idea they haven't even executed on top john: for sure there will be disappointment. valuation is a combination of high expectation and financial performance. not all the unicorns will have the performance necessary to exceed their private valuation. that is ok. venture capital is a small industry, roughly $50 billion to year invested in 2000 3000 companies. the world needs venture capital to take these risks and build companies. the reason is