bill: 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. emily: would you say you messed it up? bill: they presented it and we were like, oh, let it go. biggest mistake of my career. emily: what did 1999 look like compared to now? why is now not a bubble? bill: 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. i do not think we have a valuation bubble, my bigger concern has to do with the large burn rates. emily: if it does not pop, what happens, is there a downswing? bill: 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 comp