andreessen horowitz has come on the scene, and it is like the hot new firm.ve got a lot of people in recruiting, marketing. steve: like an operation. emily: right, right. where do you see dfj's place in the hierarchy today versus 20 years ago when you started? steve: i try not to compete with any of them. in a healthy economy, you are going to have many different firms that do different things, have different strategies. if we are doing our job well, we will not come head-to-head with the same group over and over again, because that might imply we are doing the same thing they are, and why would we do that? i like a different approach, which is looking for industry sectors that are not over-invested. the ones where frankly, no one else is competing for the deal. the vast majority of investments that i have made, there was no competing offer. like no one else. emily: really? the question i was going to ask is, how do you get on the top list for every entrepreneur? steve: in the sectors that have 18 different firms that are well known, pursuing the same sector,

it also includes andreessen horowitz, peter thiel and richard branson.g up, eric schmidt on health, politics and more. we have his exclusive interview from the bloomberg breakaway summit. and we will review all of our best interviews from the week, including dave mcclure on what is happening to valuations in silicon valley. ♪ emily: another story we are watching video streaming , services like netflix and itunes could see more regulation in the european union. proposals published on wednesday say 20% of video libraries will need to be dedicated to european content as a way for europe to support its domestic energy -- entertainment industry. abovenow, netflix is just what was set. eric schmidt spoke at the bloomberg breakaway conference and spoke about the big breakthroughs in technology he sees ahead. we asked if the private sector is better at investing than the government. eric: i'm not ready to fall in the traditional cynicism about government. spend too much on the wrong things, but i would just like to have a little bit of it on these things that ar

andreessen horowitz, the venture capitalists behind airbnb and david sachs came in to help run the companyanother well-known investor that has been involved in paypal and so forth. what was his role? >> he came on a originally as chief operating officer and he was going to work with conrad and help zenefits grow into a better company. and then all of this came to light and conrad had to resign and david sachs was ceo and he is past with the turnaround. -- he is taxed with the turnaround. carol: what is the future of zenefits? where is conrad? is he sitting on the couch somewhere? >> he probably is, but he is already planning his next company, although, we do not know what that is. we have heard some people say they want to get in touch with them. he grew this company to $60 million in three years and that is nothing small to laugh at in silicon valley. carol: he is revered to some extent. does zenefits have a future? >> i talked to a number of customers that are frustrated, but i think so. but no one said that they would leave. david: a look at the new generation of american psycho fans. >

emily: andreessen horowitz has really perpetuated this idea that good vc's need to be former foundersformer ceo's. of which you are neither. sir michael: i think it's difficult to tell from someone's background whether or not they will be successful in the venture business. we have a lot of company founders at sequoia. but there is also room for lots of other people to succeed as well. being in the investment business is also different from running a company. people like us, we are not running the company. we are trying to help these companies as much as possible. the other thing that people miss is that we are working very hard on building our own organization, because unless you have that at the heart of everything, you cannot make consistent investment. emily: you say in the book that the minute you think you are winning, that is dangerous. and sequoia may be the most successful venture capital firm in history. what do you do from within to evolve the firm and stay on the edge? sir michael: it begins with consistency. showing up for work every day. i know -- emily: a lot of people