when you look at spotify and songza, that we invested in, and are kind of looking at, the shift fromoads to streams. emily: what do you see as the main differences between silicon valley and l.a.? troy: the difference is, up north, you have a very mature system here. you know, you are on fourth and fifth generation tech companies. in l.a., the lineage is more around media, and more around storytelling and narrative, and so the tech ecosystem is still very, very young. but when you look at companies like beats by dre, maker, snapchat, you are starting to see these multibillion-dollar companies pop up. emily: snapchat, for example, you mentioned -- $19 billion. are they worth that? troy: i think so. i think they will be worth more, actually. when you see the amount of videos viewed per day and the type of engagement around the product. emily: what do you think about the fears that we are in a bubble, that valuations are too high? testimony ofto the mario draghi. ofwe have seen the minutes the previous three meetings, thank you. first, i like to greet my predecessor. welcome. and that w

when you look at spotify and songza, that we invested in, and are kind of looking at, the shift fromstreams. emily: what do you see as the main differences between silicon valley and l.a.? troy: the difference is, up north, you have a very mature system here. you know, you are on fourth and fifth generation tech companies. in l.a., the lineage is more around media, and more around storytelling and narrative, and so the tech ecosystem is still very, very young. but when you look at companies like beats by dre, maker, snapchat, you are starting to see these multibillion-dollar companies pop up. emily: snapchat, for example, you mentioned -- $19 billion. are they worth that? troy: i think so. i think they will be worth more, actually. when you see the amount of videos viewed per day and the type of engagement around the product. emily: what do you think about the fears that we are in a bubble, that valuations are too high? troy: i'm seeing some valuations that are way too high, because the company just is not worth what that valuation is, at that particular time. when you have a rounds