if you are an investor, you were very confident when jackie reese is at the helm. left?ho is brad: there are -- there is a team there, but each departure brings another mountain of bad publicity. there is this question, and she has never managed to out run it, what is yahoo! minus the alibaba assets? she has steered in the direction of search. it is a media play? they have fired -- they have hired folks. -- hired folks like katie couric. is it an advertising play? emily: how big of a win is it for jack dorsey of square? he is now running to companies. brad: she is going to go on to square capital. by some estimates, the fastest-growing part of square. there is always some uncertainty about his ability to run both companies. emily: thank you so much. to michael mauritz, one of the stars of venture capital and chairman of sequoia capital. during the 2008 financial a phraseequoia coined that encapsulated the tech industry pain. i asked him what today's headlines would be. michael: it is a more rational time the 1999. i do not think there is a universal feeling that every co