i sat down with the y combinator ceo sam altman. re is no clear upper bound other than the community. university has certainly managed to be a lot bigger than we are now. emily: when is it too big? started to community break down, that would be the time to adjust its. but right now it is a network and network gets more powerful with the number of growth. you guys doing to constantly maintain the balance and maximize what makes y combinator great without losing any of what makes it great. sam: great question. we pick three funders. -- we pick founders. collection and selection process wrong, we could fall apart lately. raised $700ave million for the late stage fund. how is it going so far? sam: we have only made a handful of investments, may be three large investments this year. it seems to be going really well. there is a lot of turmoil from the tech press and in the tech markets. in that sense, it has been a good time for us to be decisive and investing companies that we believe in. how to bell learning a late stage investor. it is

itly: sam altman called uniform -- unicorn fraud, this financial engineering that may or might not bening. would you go so far as to say unicorn fraud? reid: given the number of companies, he may have better visibility into that than i do. not go for we do that at all. we never offer term sheets like that. emily: your competition is. reid: and that is fine. if an entrepreneur does not want to partner to build a great high integrity massively good company and five to seven years, we are the wrong partners. emily: are you concerned about late stage investors? reid: we are cautious about them. where we see the fraud is in those later stage private companies. we have gotten very careful about when we do those investments. emily: having lived through the last bubble and seeing the diversity of opinions, how do you think we will look back on this moment in silicon valley history? reid: i think we will look back you just come through a decade where interesting network oriented companies are built, everything from facebook and linkedin and twitter to airbnb, uber, and dropbox. all of those be