john doerr: no. over the history of kleiner perkins more than 30 junior partners have come to work for us and gone on to do amazing things. emily: but do you worry that not forcould be a place diverse candidates? john doerr: i always think that we need to have the best candidates. emily: why not happen hr department? john doerr: we are a small firm. beth seidenberg: and we have somebody who comes in and helps us with hr issues as a consultant. emily: john, have you felt like you made any mistakes and how you have run the form -- the firm? don't run it, i have partners to help. i am one of six general partners. do we make mistakes? sure, but we can learn from them and try not to make them again. emily: do you feel like he made mistakes in regards to ellen pao? john doerr: i think it was an error to promote her into an investing partner role. that did not work out. she was a good chief of staff but not a good investor. so you don't think she should have ever been an investor. john doerr: she should hav

that is what i heard from john doerr. it was not about money for him.t was about his reputation, his firm's reputation and i think he feels it was not something he could settle, at least at this juncture because his firm was not found liable. so, kleiner perkins was found to have violated the law, -- kleiner perkins was found not to have violated the law discriminated against ellen, and i read the judge's opinion and i think the award is about more than fees. the judge's award, and think he is trying to send a message. into this. -- end this. this should be over. the verdict is final. both sides should respect the verdict and move on. emily: you are saying that ellen should drop her appeal. guest: i don't know the merits of her appeal. i think what the judge was trying to do is send a message to ellen that it is, i think somewhat irrational for a plaintiff who has lost to demand the defendant pay $2.7 million. the jury determined there was no merit to the case we read they are the people who know the facts. i do not know the facts. emily: hang on. that

joining me today, general partners john doerr and beth se

think they realized people want to hear from john doerr.want to know what was going on behind the scenes and how they feel about what happened. wonlso told me we know we in court but in the court of public opinion, they found it against the technology industry because there are not enough women in these high-profile goals -- roles. a lot more on that in studio 1.0. the firm catchl, operating. they stayed focused on their business. about the them current investing environment and whether or not we are in a bubble. the amount of capital flowing into silicon valley. private equity firms, hedge funds. what do you make of that trend? is it creating more competition for you? >> it is incredibly competitive out there. we have to wake up every morning and and pete to win and work with the best. emily: is it great for investors? notf the markets were large, it would be bad for investors but that is not the case. we are in the midst of opportunity. emily: other investors have been a bit more games day about the thereio just saying that are startups o

we have an exclusive interview feinberg doerr and set -- john doerr.oming up, the singapore air is to reclaim the longestitle from the flight from singapore to new york and we will also show you the longest flights currently available. pimm: and california courts decided yesterday that uber drivers are employees and not independent contractors. we will also look at a separate suit in boston. scarlet: and janet yellen urged investors not to focus on when the central bank raises rates but instead at future increases. with matt miller spoke merk investments about janet yellen's comment yesterday. >> i think the term coming out of yesterday's meeting was watchful waiting. there is the thought that a september high could happen. they probably could hike that this year, but they gave no indication that it could be september. matt: is her plea that they are data dependent at odds with the implicit promise that they will raise rates a tiny little bit sometime this year? richard: they want to have it those ways, they want to stay independent, but they want to g

andt down with john doerr we talked about the state of a venture capital industry and in an exclusiveew that is going to air next week, we covered a lot of ground. we are going to have a clip of that coming up on "bloomberg west." named someactually names of people who currently have jobs, so it is really interesting to hear his bots there. we are also going to be joined by former square ceo keith rabbi , so he knows how jack dorsey thanks and if jack is considering to return to the helm of twitter and how this would work. it will be interesting to hear others lots, as well as information. so it is very interesting to have conversations with those guys and hear about what john doerr had to say. a lot of names were thrown out there, alix, so we are going to #out. -- have to hash that out. the: and this raises question, what are the qualities of the new ceo that he would have to have to address issues like this? emily: on the call last night, jack dorsey did talk a little bit about a new ceo, and there is a search for people on the search committee, peter curry, and board members are go

john doerr thinks we are in a sustained come along boom. so you will hear his thoughts on that coming up in the show. looking forward to it. everyone is trying to understand more about that case. changwhen you hear emily is coming to interview you, be prepared. she is tenacious. olivia: still ahead, much more, including pulling the plug on robo calls. rulesthe fcc debates new that would make it tougher for telemarketers, pollsters and others to call you. ♪ olivia: welcome back to the bloomberg market day. let's go straight to our senior markets correspondent with a look at how fit bit is faring in its first day of trading. very well is how it is trading. they're so much demand for this ipo. it's an interesting story -- fit bit, the wearable fitness devices, shares our pricing at $20 apiece in the ipl in the first trade of the day, 30, then 40, it's a little below that but it's still up 50%. it's valued at about $6.5 billion today. at this price at the opening 30 or 40, it's more than twice the average valuation of go pro. elevated valuation

joining me today, general partners john doerr and beth seidenberg. thank you for doinis

today, john doerr and beth seidenberg. it is great to have you here. u haven't been quiet for a long time, quiet through the trial. why are you here? john: nobody likes litigation. this trial was painful. but at the end of the day, the and theyd deliberation found decisively on the facts that this company did not discriminate or retaliate and that this woman's claims had no merit. there was another trial going on in public opinion and it out against the technology industry and we in the venture industry. we get back. emily: so you feel like you lost in the court of public opinion? i'm sorry it was so hard to go through this, but more than anything else, it is hard for minorities in the tech industry. i have two daughters. getting through this world where everyone can participate is important. emily: you haven't been at this firm for many years, how did you feel when you are sued? john: the world she described was not what we stand for. emily: this has been going on for three years, what is it like behind the scenes? it has been hard, but we have been fo

today, john doerr

joining me today, general partners john doerr and beth seidenberg. thank you for doing this. it is great to have you here. you have been quiet for a long time, quiet through the trial. why are you here? john: nobody likes litigation. we are human. this trial was painful. at the end of the day, six women and six men heard five weeks of testimony. they deliberated for 1.5 days. they found decisively on the facts that this company did not discriminate or retaliate and that ellen's claims had no merit. we know there was a second trial going on in public opinion and it out against the technology industry and we in the venture industry. we get that. emily: so you feel like you lost in the court of public opinion? john: i'm sorry it was so hard for my entrepreneurs and partners to go through this, but more than anything else, i am sorry for minorities in the tech industry. this is very personal. i have two daughters. getting to a 50-50 world is super important. emily: you have been a kleiner perkins for 35 years. how did you feel when ellen sued you? tradedisappointed and the -- disa

mark zuckerberg, john doerr, all investors in alt school. what is it?profit elementary school with a strong influence from the latest technology. here with me is one of the founders and our bloomberg news reporter who wrote a big feature today about the program. you walked into this saying -- look, if we started school over from scratch it would be completely different. not just because of new technology. what does this look like to you? where are you? what is alt school today? >> it is a growing network of actual, physical schools smaller than a traditional school, 100 kids, plus or minus, entirely run by teachers, very personalized and flexible to the needs of individual families and educators. we believe that technology has a fundamental role to play in not replacing that human to human relationship-based learning that should be driving the education of an elementary and middle school student, but rather to fundamentally enable people in regular classrooms to be more flexible, to allow students to all follow their own trajectories of learning and be

you started john doerr he -- john dorrie. that lasted eight months. how did you screw it up?pril: we made bad judgment. any business person can do that. we should listen to our instincts. charlie: instincts that maybe not -- april: i didn't really speak up at first. i was too much in the background. i didn't like the space or the area. i have to take full responsibility for that. now, i do speak up. that was my learning curve through the failure of that restaurant. we cut our losses and decided to move on. we knew the concept will. we knew we loved it. charlie: what is the concept? april: british seafood, a fish restaurant. we got a space on the corner of 29th at broadway and decided to move there. charlie: then the breslin came along? ken: that was right after we closed the other restaurant. then, we made a deal with a hotel. a friend of mine said i am coming to new york to this hotel. it is a 300 room hotel on broadway. we thought, broadway? really? he said, take a look. he said, look up. there are amazing buildings here. so we had never done anything we had one big success

john doerr called the case regrettable and says it is time to move forward from it.ook about it with emily chang. >> i'm sorry this happened to ellen.- to the jury found we are not liable after 5.5 weeks of testimony. scarlet: to see the entire interview, join us tonight at 7:30 eastern time on bloomberg television. berkshire hathaway's warren buffett is increasing his stake in h.j. heinz to 52.5%. a 5.4% was able to add stake in hinds for one cent a share under terms of a 2013 deal . putburger chain that supersize into the american lingo is slimming down. for the first time in more than 40 years, mcdonald's says the number of u.s. restaurants it has is shrinking. those are your top stories at this hour. it beganp, fit b trading today. its ipo was $20 per share. a strong debut. how will it sustain these gains? we will hear from james park shortly. one professor says all of us should use math to solve life's daily problems. the death of jimmy lee yesterday shocked wall street. one of the greatest dealmakers in history. a formidable golf partner as well. for many he wa

olivia: we have an exclusive interview with venture capitalist john doerr.he treasury department making history by announcing a woman will be honored on the face of the new $10 bill. we will tell you what's behind that decision. olivia: good afternoon. mark: thank you for joining us. let's begin with a look at the markets. stocks on the rise -- a nasdaq composite hit an all-time high earlier, when day after the fed signaled it would continue to

charlie: the expansion, you started john doerr he at one location on the 11th.hat didn't last long. ken: eight months. charlie: how can you too, being as smart as you are, screw it up? april: every person makes a bad judgment once a while and i think we should have listened to our in. -- our instincts. i didn't really speak up and i think i was too much in the background and i didn't like this base and i didn't like the area. i have to take full responsibility for that. now i do speak up. that was my learning curve through the failure of the first john doerrry. charlie: and the first thing you do when you realize you've made a mistake is to cut your losses and get out as fast as you can. april: yes, and that is what we did. in the second was the fish restaurant. we finally got a space on the corner of 29th and broadway. charlie: and then the breslin came along was or was that before? ken: the breslin was right before we close the first john d ory. and then there was this great hotel that we had love forever. he said, coming to new york and doing an ace hotel, th

here's bob kennedy advising john doerr of the justice department how to handle george wallace. here he is, bob kennedy. >> i would take it to almost dismiss him as being a second rate figure. >> amazing thing to have a brother who is willing to be your enforcer. >> that's what bobby did. there he is. and they're bothered, wallace is driving them crazy. he won't take their calls. he won't meet bobby kennedy. there he is down in alabama standing in the door of the university against those, the two students in the car unable to register. they say why do we have to deal with this guy? he's on the wrong side of history. we know he is. they will face him down later in the afternoon. jfk will issue an executive order. they'll call the national guard, move him out of there and they won't waste a crisis, which is why he'll go on the air and announce in that extraordinary speech. >> great to have aggressive federal government who knows what it's doing. right out of the gate this year hillary clinton is calling out her republican opponents to restrict access to the ballot box. here she is

i want to ask you about john doerr, kleiner perkins, they expressed interest in a merger with your firmdidn't that deal happen? >> i think the reality is that you get to a point in time where we're all looking for different ways of expanding and reinforcing the value that we've created. for us, it was extremely humbling and to be even approached by someone like john. who we just hold in the highest regards. he and mary meeker are two of the best investors in our asset class. so it just didn't happen because it just wasn't the right time and the right market conditions, but we were flattered to have been asked. >> chamath, thanks so much for joining us. and carl and jon, i send it back to you. >> josh lipton out west. when we come back, one analyst is putting a new valuation on hulu, saying it could be worth over $9.5 billion. he'll tell us why, when "squawk alley" continues. s the life behind it. ♪ those who have served our nation have earned the very best service in return. ♪ usaa. we know what it means to serve. get an auto insurance quote and see why 92% of our members plan to stay f