. >> when i came into the business, john doerr and mike moritz were the legends of the game.ompeted 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? >> all i said is i think risks are too high. i never said valuations are too high. 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 fundraisers. >> 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 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. more cautious. we are still making new investments, but we are more picky for sure. >> what does being mor

>> when i came in, john doerr and mike moritz where the legends of the game.peted with them on the google deal and messed that up. >> why do you say you messed that up? >> they just said hey, let it go. biggest mistake of my career. >> what did 1999 look like compared to now? >> i just said risks are too high. i never said valuations are too high. i don't see -- i look at facebook or google, and they are trading at really low pe's actually. i don't think we had a valuation bubble. my bigger concern has to do with the larger burn rate. >> if the bubble does not pop, is there a downswing? >> two things that could cause a correction. ,ne would be some macroeconomic it's hard to predict macroeconomics. the second could be the firms doing late stage investing might change criteria. that's probably the more likely near-term catalyst for something like this, where they start to ask questions, do these companies have a business model that can go the distance? we are more cautious. we are making investments, but we are more picky for sure. >> what does more picky mean?