emily: you used to work at kleiner perkins.s what is the difference when you look at growth stage companies versus early-stage companies and how has your own strategy shifted? megan: we are looking for companies that have already found product market hits. we are looking for metrics we can point to without having to squint too hard to indicate the early-stage companies and how emily: you used to work at kleiner perkins. i'm curious what is the difference when you look at growth stage companies versus early-stage companies and how has your own strategy shifted? megan: we are looking for companies that have already found product market hits. we are looking for metrics we can point to without having to squint too hard to indicate the inflection point has already taken place. emily: do you think there will be more competition at the growth stage now that the belt has been tightening at the earlier stage? it seems like fewer companies are getting a larger pool of capital. megan: there is certainly a tremendous amount of capital avai

emily: you used to work at kleiner hogans -- kleiner perkins.ious what is the difference when you look at growth stage companies versus early-stage companies and how has your own strategy shifted? what you are looking for companies that have artie found roddick market fits -- we are looking for companies that have already found product market hits. we are looking for metrics we can point to without having to squint too hard to indicate the inflection point has already taken place. there willou think be more competition at the growth stage now that the belt has been tightening at the earlier stage? it seems like fewer companies are getting a larger pool of capital. megan: there is certainly a tremendous amount of capital available. a dearth ofre is wonderful investors who can add value to portfolio companies at that growth stage. guest who was just on thinks we are in a huge bubble. what is your reaction to that? think if you're building an incredible company, there will be plenty of capital for you but it's finding a partner that will be good fo

sequoia, benchmark, kleiner. vinod: we tend to be much broader.pany, enterprise then we will do burgers like impossible foods. we will do rocketry like rocket lab. and then we will do hard science. we will invent new medicine. we do very unusual things. robotics, semiconductors, even nuclear projects. emily: you believe that most vcs actually hurt companies, not help them. what do you mean by that? vinod: applying traditional business school and metrics to start ups is the wrong thing. and when people focus on irr's and rates of return, they actually hurt the company. i don't believe just because you are an investor, you have earned the right to advise an entrreur by being a board member. if you are going to advise entrepreneurs, you should have started a company, knowing how hard it is, how difficult the trade-offs are. it is painful being an entrepreneur. life is not easy. and unless you have empathy for an entrepreneur having done it yourself, you don't have the right to advise and onto burner. an entrepreneur, in my view. so one rule i have ha

emily: you used to work at kleiner perkins, now you are with the growth fund.he difference when you're looking at growth stage companies and how has your strategy shifted? about inflection investing. we are looking for companies that have found product-market fit and just need to put gasoline on the fire to become iconic companies. for metrics that we can point to that indicates that inflection point has taken place. they can be revenue, users, or an engagement. emily: is there more competition at the growth stage now that the belt seems to be tightening at the earlier stage and it seems like fewer companies are getting a larger pool of capital? megan:megan: there is a tremends amount of capital, and everybody's capital is green, but we think there is a dearth of investors who can add value. emily: we are in a huge bubble, vc, what are your thoughts on that? megan: the choice will be around finding a partner good for your business, not just blank checks. emily: you announced an investment today, $20 million. spark is traditionally a consumer focused firm, and t

santos of big to kleiner in australia, down almost 10%, not a story about oil surprises -- oil pricesaid it completed the institutional part of that at an 8% discount. this surprised market because wasos, or the market thinking santos was getting its debt under control without having to raise more capital. the 10 year ons, the japanese note, a little bit of movement, down by two basis points, but certainly not a great day for equities today. much.: thank you so over to china, where general motors joint venture is under investigation. because ofis is possible antitrust file nation's. tom mackenzie has the details. what more do we know now? yes, in the cross hairs them's joint venture with shanghai auto corporation, and sources tell bloomberg news that they are investigating pricing practices at some of their dealerships. gm says they stick to all the laws and abide by regulations, but it did have an impact on the share price, closing down 3.8% because china is its largest market. it sold more than 3 million vehicles so far this year, an increase of around 8.6% from the year before and

emily: you used to work at kleiner perkins, you focused on earlier stage.h the growth fund. what is the difference when you're looking at growth stage companies versus early stage companies, and how has your own strategy shifted? megan: we really talk about inflection investing at spark. we are looking for companies that have found product-market fit and just need to put gasoline on the fire to become very big iconic companies. we are looking for metrics that we can point to without having to squeeze too hard to indicate that inflection point has taken place. and that can be revenue, but it can also be users or an engagement. emily: do you think there is more competition at the growth stage now that the belt seems to be tightening at the earlier stage, and you know, it seems like a fewer number of companies are getting a larger pool of capital? megan: there is a tremendous amount of capital, and no surprise, everyone's capital is green, but we think there is a dearth of really wonderful investors who can add value at the growth stage. emily: bill marist jus