though andreesen says he' recused himself. and i have no reason to doubt that is true. at some level, carl icahn says his fiduciary responsibility was to ebay and make sure that ebay saw an $8.5 billion value for this, not somebody else. and so you can understand why he would be upset. a listen to what he had to say about activist investigators specifically. >> the activists come in because the companies are cheap, not expensive. the other side is that the industry is now changing so fast, if you're a big technology conglomerate, you have all -- competition in every single business from all these startups and new companies and your ability to fight a five-or six-front war at the same time is really challenging. and so, at some point i think you want to split up to be more aggressive and nimble. which means going to smaller and more independent companies. >> admitting it's a tough job that companies face like ebay and h.p. sometimes you have to make those tough decisions. maybe activist investor should not be did dating. -- dictating. >> it's a tough job to be a board me

andreesen is on the other. and some of those guys like andreesen, it gets you grim. it is a sort of known fact that he's screwed more people than kcasino have kas kas nova. and he takes this attitude ha he's on high moral attitude. and it's amazing he's still on this board. >> let me switch to netflix if i could. brett and dave, that's with you come in. carl has credited you guys on machine than one occasion including our own delivering alpha event and interviews with me in the past. are you guys still, brett, in netflix? >> yep. we're still definitely in netflix. it actually is -- i was thinking about the point that you made before about the guy who tweeted about the why buy apple at this price? since it's almost like all time high. and you know, it's interesting because with netflix we started buying it at 68. and all along the way we've, you know, faced criticism like that from many people saying, you know, that, why hold on? it just doubled and then it doubled again. and we just continue to have a very strong thesis about the company's growth and everything they

keeping marc andreesen is an error.ing had this sort of a bit of a fight with apple and not being part of that ecosystem of apple pay is a big error. these are errors he's made. i don't want to say what i tell him. you can imagine it. i can't say it and i'm not going to say what he said. but i am beginning to say that -- you know, i keep my powder dry. i never exercise. we have this confidentiality. but i never exercise. so we talk about what he tells other shareholders. so i don't know completely his inner feelings. but what i will say is i never exercise it because i want to keep my prouder dry, to have a proxy fight, although i have made no decision to do it. like i was at motorola, it could be a great company. paypal is a jewel right now. because it really controls all the small merchants online, and they like them and they get along with paypal, and paypal is almost necessary. but that's not going to last forever. not with apple pay there. i don't know who else is going to really come in there. but they absolutely

. >> mark andreessen and by way of disclaimer, bloomberg lp is an investor at andreesen capital. caught up with mark benioff for my show, "studio 1.0." here have been changes including larry ellison stepping own as oracle's ceo. >> when larry ellison stepped down as ceo, you tweeted -- there has been and will always be only one ceo at oracle. what did you mean? how optimistic are you about a new ceo? >> i am sure mark will continue to do a good job. we all know that a larry ellison is a force of nature and what larry ellison wants, larry llison will get. whoever is the ceo will have to bend to larry's desires. >> i spoke to him about apple and he's worked with apple back in the day under steve jobs. how confident are you about pple under tim cook? >> i think tim is doing a great job. e have seen some great new roducts. i have a 6 plus i am joint. apple is a great company. i think is the greatest story in american business. teve was the greatest of the greatest, we all know that. and being the follow on will be tough. >> groupon chairman, what about mobile? i will ask him about th

and i think both gurley and andreesen are very bright guys but i think companies needs to figure out their burn rate on a case by case basis. i don't think it's necessary you just take a blanket statement and say hey everybody cut back. there are plenty of opportunities out there if and if you know what you need do with your money, pour it on. >> are you seeing any sign to s toruss or tends? >> that happens all the time in our business. but it's actually pretty moderate for where we are in the cycle. i don't think there are crazy prices right now. >> tim, i'm wondering how you look at this burn rate issue? i remember back in the dotcom bust or prebust people were spending too much on offense furniture, and offices that are too big. spending that money too soon. spending on the employee perks and not being conservative enough with that. so when you look at what is appropriate for what kind of company what sort of spending are you see that is smart and what kind of spending reminds of you 15 years ago. >> as draper associates we are always focus tond early stage. and during that time e

on a month in a quarter where we heard from bill gurley at benchmark and andreesen on cash burns ando hot. valuations essentially being too rich. is that the prevailing view? >> well yeah and guys i respect a lot are beginning to sound a little bit of an alarm. especially in the late stage private market where we see just gigantic multibillion financings done. there is a lot of money there and prices are getting higher and higher. and i think that is what bill is saying and what mark are saying. they also see burn rating creeping up at private companies that feel a little like the late 90s to them. >> why do you think not google? i want to press you on that. they have shown they are in interested in the local space. this is a market based business they could make free. why not a fit for google. >> for angie's list? >> yeah. >> you know my guess is that google is such a gigantic audience they have no trouble getting content. and perhaps the network of professional relationships, that is something that could be valuable. so maybe i answered a little too quickly but i'll bet you that go

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andreesen has had an all-out fist fight against carl icahn, but he has finally decided to resign from the ebay board. what do you make of that? >> i think it is the right move. he has been on the board six years. he is incredibly successful adventure capital. he is often ranked number one by anybody -- they are now a tier one venture capitalist. they have been incredibly successful. and a public dispute with carl icahn is just a distraction for shareholders that does not serve anybody any good. this is a good thing for shareholders, a good thing for i would not be surprised if we find out several years from now that this is a toe for carl icahn for him calm down. >> this was appearing as if it sen doing this on his own terms, right, paul? >> it is. as i said back in the day when this was announced, it is a great transaction for paypal, that it allows paypal to attract and find new business partners, new forms to the existing ebay business, which was intertwined closely with paypal. it is a little less clear at this stage how the ebay platform does benefit, but clearly this is a transa

hopefully we have -- we have andreesen some time today? >> we do. it's coming up. this is another story, carl icahn promising some news today. he did this through a tweet. the activist investors tweeting that he's going to be sending an open letter to apple's ceo tim cook. icahn says he believes it will be interesting, in his words. since a year ago, the stock is up more than 50%. icahn himself is going to be on "fast money" halftime report. that's at noon eastern. you think this is somebody you would have a good working relationship at this point. tim cook has done a lot of things to try and meet his expectations. the way he thanks him for that is to tweet everybody and say hey, i'm going to send an open letter to him tomorrow. >> let's say i compose an open letter for some company. with regoing to lead with news on that company? what's the news on apple? carl icahn -- imy, i guess i understand that it is. but -- b. >> he moves markets when he talks. >> he does. but i take -- as andrew loves to say, usually it's about inversions, but i take umbrage. i can't wait u