koreans have a sense of anger that can never be made even, which is why we have all of this sub john doerr of korean movies about revenge and it is always the case the person taking vengeance has lost everything. his wife is raped and murdered, but he continues on. this is based on the fact you inherit agony. >> what is the link between that and the economy? >> a lot of the drives that create has to succeed economically came from its antagonism with the japanese. which is one of the most enduring rivalries in the world. technically they are allies, but that is just in name. that is in name only. they still have a lot of animosity for each other. and so japan became the benchmark for korea to be. korea could never beat japan militarily. they wanted to beat them in some other way. economically. to show you how focused they were just on japan, when sam sanghsung decided to be a world-class brand, they benchmarked sony. we are going to beat sony's market cap, and they did that ahead of schedule. >> this seems to have a price. you grew up in south korea and you write about the experience in you

>> when i came into the business, john doerr and mike moritz were the legends of the game. competed with them on the google deal and messed it up. >> why? >> they presented it and we were like, oh, let it go. biggest mistake of my career. >> what did 1999 look like compared to now? why is now not a bubble? >> all i said is i think risks are too high. i never said valuations are too high. i do not see a lot of valuations -- maybe gopro. i don't see -- i look at facebook or google and they are trading at very low p/e's actually. my bigger concern has to do with the large burn rates. >> if it does not pop, what happens, is there a downswing? >> there are two things that could cause a correction. one is a macroeconomic. very hard to predict. the second would be the firms that are doing the late stage investments might change their criteria a little bit. i think that is probably the more likely near-term catalyst for something like this, where they start to ask questions about, do these companies really have a business model that can go the distance? we are more cautious. we are