emily: bill gurley says we are in a risk bubble. companies and investors are taking on too much risk. how would you describe it? david: we are being asked to take on a lot of risk. there's a lot of a lot of money, a lot of optimism in the system. that is causing pricing to be higher, causing expectations to be higher. i think we are asked to take higher risks than -- probably since 1999 or 2000. on the flipside, i believe mobile is a fundamental shift and is only in the third inning. you can see how it is changing the world where businesses that would have been terrible businesses, uber and airbnb, are enabled by mobile in ways that were not possible before. you can look at public companies as a benchmark and say it is not so clear that they are overvalued looking at their multiples. there are a bunch of mixed signals that lead to an environment where risk is mispriced for us. emily: would you use the term "bubble?" david: we don't sit around and talk about a bubble. we certainly talk about prices being expensive, but we make our de

bill gurley recently wrote in a blog that dirty term sheets have allowed some companies to continue raisingoney at higher valuations, promising bigger payoffs to new investors at the expense of old investors, which he says could lead to shares held by employees and some founders. there are 200 private companies valued at more than $1 billion, with uber being the biggest elephant in the room. i sat down for an exquisite interview with troy carter, founder and ceo of adam factory, an early investor in some of tech's biggest unicorns bite uber and spotify. i started by asking if winter really is coming. troy: i think fall is here. i don't know if winter is necessarily here yet. we have on our light jackets right now, looking at the winter coats. i do think winter is definitely on its way. emily: if winter is coming, how does that play out? what we have seen, some down rounds, some flat rounds, some companies not able to raise at all. troy: i think we are going to see much more of it. we are already starting to see market corrections in the late stage an early stage side, as well. i think we ar

tech investments, there is certainly a bubble, and if you look at the vc and look at guys like bill gurleyu invest and you have no liquidity for the investment for more than a de-cade, you are stuck. so while we are not in a bubble like we had in 2000, and not the same at all, because we are talking about the private companies, but for private investments, you are stuck. you know, if you make the investment in a private company today, because of the culture that says, particularly in silicon valley that says you should not go public, you need to write it down to zero e immediately, because you have no liquidity with five or six exceptions, and some companies that are actually profitable. so will whether or not you want to term it a bubble, it is up to you, but it is not good for the private investors right now. >> and you have been warning for a year now, and what trump's comments are saying that this is happening in the private market, and he likened it to the stock market 2007 with the valuations ta are frothy, and the companies that don't make money, and valued at millions of dollars in