you bring in a saas company and you're arguing with aneel bhusri, our partner aneel who is ceo of workday, which is one of the two or three best saas companies in the world. and you're arguing with him about the merits of the saas company. and you bring in a social-networker and you're arguing with reid or david about it. so, that's stressful. on the other hand, you want to play in the big leagues or not? emily: how would you rate competition for deals right now? john: it's intense. i think it's intense at every level. emily: is it more competitive than ever? john: it seems pretty competitive four years to me. david: at some level, i would say, it's never been more competitive. on the other level, when you get underneath that a little bit, it's the same five or six firms, maybe minus one or two, maybe plus one or two -- there's too much money out there right now. i think that risk is mispriced. i think there's not a lot of fear. there's just a lot of belief, and not a lot of fear, and those are worrisome times. i think it can be dangerous if unchecked. but on the other hand, if you look a