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but we know in talking to the company, the ipo is not any time soon, but you have talked to bill gurleys uber director, and he says that nobody likes when your competitors get billions and billions of dollars, and now they have a few billion as well. >> yes, and gurley was not thrilled about the subsidization of another company, but he is happy with this one, i am sure. and so, kayla, a couple of takeaways from the conference at large, and there is a darker element here, and mary meeker talking about some of the macro issues facing the entire world and not just tech. and a large arer stratification between the haves and the have nots. and we have not seen a gulf this wide in a long time. >> and this is right, carl, but on the haves side, and we heard from a lot of them, bezos being perhaps chief among them, and sindar and there is optimism of those who are big that they can be bigger and taking the share and busting into the new areas, and not all doom and gloom. >> and the graduation of the smartphone era, and not a surprise that people are realizing it is coming to an end, and not say

later on today we'll hear from mark fields of ford, we'll talk to jim ban kauf, bill gurley talk aboutrivate valuations and yuri milner. great couple of days. we can't wait to get started. >> thanks, carl. we'll be checking in with you of course through the broadcast. those are powerful words from bezos. toi i want to get to the broader markets. >> remember -- >> yeah? >> trump knows this is about media, knows public hate media and the media is bias so taking on the point of view of the individual upset with the media. not the point of view of the first amendment. now, these are radical precepts he's doing, which is basically to say, listen, the first amendment is not what's at attack here. what i'm attacking are the people disliked by americans. it's a -- remember, he's about winning. i mean, can we never forget that? he's about winning. >> so is jeff bezos. >> he's about winning too. absolutely right. but he ain't running for president. >> no, he's not. at least not yet. we're going to take a break and then we're going to get to the broader markets. >> just started. >> we ate up 11 m

emily: if you could write a post in response to bill gurley, what ?ld you write >> it was written in response to press on markdown. it is silly to write an article about a company like uber, dropbox, or airbnb that somebody at fidelity marks down. the market down, and one month later, they market up again. if these companies were public, their stock prices would go up and down every single day. if they go up and down in the private market, why are they used? i think it is silly to the press headlights to write about, and they do. issue.it is a silly they get a great valuation, and they should take it. -- ifaluations come down they are smart, they can get more money, and that money will last. when money is freely available, a smart founder spends lots of it because it is cheap, to reduce marketing risks, or product risks, or some other risk. emily: you have been supportive of peter thiel. where do you draw the line when it comes to freedom of the press and criticisms of technology and industry? >> the definition of what the press is is very ambiguous n

so she signed up her own biography and she started bringing to helen gurley brown, and we would all sit around and chat. it is been a great career and the people who have most interested me are the people who have traveled the greatest instances, walt whitman and who traveled traveled a great metaphorical distance. and mark twain. he went around the world. it has been nothing but fun. >> is there another question in the front row. >> my question has to do with manifest destiny and imperialism. i think before the civil war the movement toward manifest destiny explains the territorial movements acquisitions from other presidents. however hey was heavily involved in some which took a leap away from the traditional united states of america. that was, when william steward, during will after lincoln's assassination, required alaska. so i would think that one can make the point that american imperialism and hay was around all this might have begun with the purchase of alaska which was beyond the usual territorial jurisdiction of the united states. could you comment on those two ideas, manifest

but critics including gil gurley who i spoke with very recently said these guys are racing back to their investors before their paper gains disappear. is that -- do you think there's -- that's -- >> that's a really important point. because right now, a lot of venture funds are looking amazing on paper. right? and in fact, one thing that's a pet peeve of mine is i get emails every day that say our fund is marked at whatever and somebody said to me the other day we had a bunch of markups. so our fund is at a 3-x cash on cash. no. it's paper on cash. and there's this moment, when i was doing public market stuff before business school we always talked about that you get -- the pit in your stop being a when a trade turns into an investment. something went bad and hold it a long time. similarly i fear as an industry we're headed for this moment where the unrealized because everybody has unrealized gains in the portfolio. and there's this moment where the unrealized b. the unrealizeable. and that's going to be the moment of nausea. bill is absolutely right. everybody is rushing back and nobody

. >> and despite, that bill gurley himself talked about theranos being the case study in all of this thing blowing up. >> and right here on squawk alley, and more great action from code, and we will have sheryl sandberg on closing bell, and at noon now on the east coast, it is time for "halftime report" with wapner. ♪ >>> all right. guys, thank you so much, and welcome to the "halftime report" i'm scott wapner, and the trading of the sporting blues. nike and under armour are under pressur pressure, and so are some of the pillars starting to crack. and with us are pete and jon najarian and steve weiss and bob lebenthal. and so what are you seeing here with the end of sports a authority, and what about this pain? >> well, the sports authority is the gift that keeps on giving, and i saw the big bankruptcy sign, and judge, did you see the same thing? 10% off? who does a liquidation at 10% off? nobody. >> you know what i did when i saw that? i marched out. >> exactly. they better have a lot of money, because nobody is buying money at a place that has a 10% off going out of business sale.

i the think that the jobs' analogy was made all last week, and i think that it was bill gurley on theaid that even the highest flying d.c. is amazed how he has remained entrepreneurial at scale. >> yeah. >> and it is going to be interesting to see if it ever breaks. >> yes, i agree with you. that is the way i kind of wrapped up my account of this, this morning, and i think that is why he is important even though he may not always be right, and even though he may not always be popular, he will be looking at the echo and alexa platform of artificial intelligence, he has for the first time a big software platform, and obviously, the retail store is a retail platform for the third-party sellers and that, and all of the tablets they did really did not have many platforms, but the echo already has like 1,000 partners and he's in the platform business as much as google and apple and facebook. >> well shg, your column is a g reflection of the interview, because we knew what we were thinking as the chat was taking place, and now we know what you were thinking. thank you, walt mossberg. >> than

and we had bill gurley on, and the implication from uber is that they are getting all of the mo e e nooshgsfitable, and she is saying, absolutely not. and taking them straight on, and this generation of the entrepreneurs in china is not to with. >> quite cute. ouch. and mike, the argument are from the investors is that there is room for two in china if nowhere else. do you buy that? >> well, it seems that is the market built for it, and it seems that market, and kind of like what the smartphones can leapfrog the older infrastructure elsewhere with the density, and the relatively lower car ownership and the rest of it, and sure, i am sure that there is room for two, but does this market get the vast majority and the profits, and that over time is the thing that you have to ask. >> i am not sure that there is room for two profitably, and we will see, because there is so many complexities to the market, and one of the services that didi has going is a shuttle that ends up running you and 12 co-workers will et get together, and the shuttle will run like a car pool to get you there. very differe

benchmarks general partner bill gurley will this to say about investing in startups. >> the one thingd remind anybody who is thinking about getting into late stage unicorn investing right now, you are the lender of last resort. they're coming for you. and pay >>> nounding partner of up arise ventures joins us here onset. great to have you both with us. daifds i'll start with you because today we got if story out of forbes about theranos which has within under fire. they have got an lot of high profile investors. the article from forbes is saying the valuation is more like under $900 million which is quite a change here. you make a approximate big point at looking at who was in and who was out on that deal. >> you know it seems like fraud and misrepresenting fact is a age old problem. it is not a new problem. but in reality most venture funded companies don't have as black or white issue as we may see here. but this macro environment in the last five years has created this frenzy where investors are more moefted by agreed than fear and more afraid of missing out on the hot deal than ac