will you accept this unicorn? >> yes. >> arthur, will you accept this unicorn?th all my heart. >> guys? bianca, this is the final unicorn. bianca, when you're ready. i'm getting out of here, because this is very uncomfortable. [ laughter ] ♪ >> dean. dean, will you accept this unicorn? >> yes. ♪ >> gentlemen, i'm sorry if you did not receive a unicorn. it's time to go to your rooms. and just when bianca was ready to continue her journey toward lover, isley rocks her world. >> can i talk to you? >> is everything okay? ♪ [ applause ] >> jimmy: we have to take a break. when we come back, kids throwing things at their dads. the must-see results of our father's day youtube challenge. it's a very good one. stick around. man, i'm glaaflac!c pays cash. isn't major medical enough? no! who's gonna' help cover the holes in their plans? aflac! like rising co-pays and deductibles... aflac! or help pay the mortgage? or child care? aflaaac! and everyday expenses? aflac! learn about one day pay at aflac.com/boat blurlbrlblrlbr!!! versus the lube strip. with a hydrating gel rese

candidate is probably a little bit of a unicorn. hey guys lunch is here! it's on me fellas.h the chase mobile app, stephen curry can send money to more people in less time. thanks, steph! no problem. even to friends in a growing number of other banks. ya'll ready to go? come on fellas let's go! easy to use chase technology for whatever you're trying to master. ♪music the lord says, "come to me all you who are weary and find life burdensome, and i will give you rest." join us for the majesty of the catholic mass here sunday mornings at 8:30. for more information visit mysundaymass.org fernando: the 2016 election is really about your views, your vote and your vision for america. what are you looking for in a candidate? how much of an impact do you think the next president will have? >> i think both candidates are a joke. >> i guess i'll vote. that gives me the right to complain then. >> i think its been an interesting election cycle. what i would be looking for in a candidate is probably a little bit of a unicorn, but somebody who would be able to work with everybody and actua

never was going to happen, you know, like a unicorn, like a mystical thing. >> reporter: maryland waitednths to hear the word but he finally committed to college park. the junior statistically is the best pitcher in terps history and solds several records including single season and career strike-outs. 16 of those came in a final start in the terps uniform. he says his strong point is command of his pitches and he doesn't pattern himself after anyone else. >> i have to be the best i can be. i can't throw 106. i don't know if i ever will be. >> reporter: the wait will not be nearly as long for the illusive unicorn. to find out where he ends up in the big major league draft is thursday where a team will pick him instead of the other way around. in college park, diane roberts, wusa9 sports. >> and last year there were eight terps in the draft. this year there is only one in the top 500 so good luck to him with usaa is awesome. homeowners insurance life insurance automobile insurance i spent 20 years active duty they still refer to me as "gunnery sergeant" when i call being a usaa member bec

of 200 plus unicorns out there right now, how many will survive?i think most of them will survive. years, we have been seeing the multiples at which people are investing have been accelerating. deceleration is a of multiples in terms of valuations happening right now and that will probably continue for another year. it doesn't mean that the technology or renovation or the markets are terms these companies are going after is getting smaller. what is happening right now is a reflection on valuations. --look at airbnb and uber what they do is really important and really valuable and customers love the product. emily: do you think we are beyond peak unicorn? last year was kind of a local maxima. we may see a decline in the next year or two. if we look 10 years from now, there will be more. emily: you left kleiner perkins a few years ago. what has venture funding been like for you? >> so much better than expected. i loved working at kleiner perkins. overtime andbigger i think being at one place for a long time -- i was therefore 13 years -- you tend to

>> the producer is not forcing you to get a unicorn.re the guy did not show up to l.a. with the unicorn there is a little bit of both. >> you could mention the dumbest idea and that's the greatest idea! >> and how about all that drinking. >> what is the early time the drinking starts? at 8:00 a.m.? >> any time. it never ends. >> people always wonder why do people get so drunk. it's the first night. not everyone realize has that first night goes from 8:00 p.m. to 8:00 a.m. so there is a good 12 hours of drinking. and just really downtime. because a lot of times you're just sitting around being bored. you start drinking, don't realize. when you see people passed out, they're not necessarily drunk, they're tired. >> auditions for the bachelorette is intense there is a psych evaluation, and contestants are asked are you on birth control? and do you have a sex tape. >> i think they asked are there nude photos online of me. no! seriously? 300 questions. it's a huge pact, like a psych test. people always say to me, oh, is it so they make sure

there are not a lot of unicorns anywhere? that is the whole point of a unicorn, it is anomaly? >> still even, melissa, companies like uber raising money at obscene valuations, there is still a lot of interest in these companies. the fact they have been able to realize that valuation and go public, makes this so defining. the fact the market received it bodes well for technology in my opinion. melissa: guys, thanks for playing. david. david: a new report outlining hundreds of terror plots in the united states foiled since 9/11. most involving foreign-born suspects. the former policy director for dr. ben carson, shows politicians like president obama and hillary clinton have been burying their head in the sand. melissa: vulnerable to viruses. why state department stopped crucial security features to receive email from hillary clinton es private e-mail server. have you seen this one? incredible. >> supreme court striking a blow to president obama's immigration plan. >> promise you this though. immigration reform will get this done. congress will not be able to ignore america forev

now it is the so called unicorns and people believe that unicorns are going make matter no matter because they are unicorns and not much competition and so much about scale that no matter what they are going to start making money. and referring to examples in facebook and others. and maybe they are right. it is very difficult to say who is -- no one has a crystal ball but i would definitely say at least for my perspective i see that risks are increasing of a bubble being formed and eventually bursting. >> and difficult to make the numbers add up i guess. >> difficult to make the numbe s s add up. not that big of a case in our core business because our core business is in russia and it is with bricks and mortar. we grow apples. we produce milk, we produce wheat. make paper sacks. produce wooden products. provide private medical care. things people are going to continue consuming and paying money for and as long as you have a competitive cost basis and if you are efficient in running this business you are going to continue making money. maybe you are not going to create multiple billions in

see you then. >>> speaking of barron's, are unicorns killing the 2016 ipo market? that's what the report published over the weekend said. the publication exploring whether or not highly valued startups are slowing down companies from going public. our next guest focuses on early stage investments, including medium, lack, john's and periscope. m.g. siegler joins us now. this article, how far-reaching are the consequences of any slow-down in the ipo market for the market as a whole? >> i mean, obviously things have been a little bit slow recently. i think there's two factors going on here. one, there's been an inundation of capital in the later stages of private companies and then of course, the few technology companies that have actually gone public have not been that well received by the market. so those two things are playing into one another but i do think that these companies are using some of that money that's been in the later stage of the private side to be able to then take a little bit more time to get the business to where it need to be so when they do go

the only unicorn animation. >> yeah? can we run it? >> there it is. >> holy cow, enter the unicorn.e kids believe there are such things as unicorns, right? >> mine are 6, i think they're exiting the window. >> really? they believe in the tooth fairy because my daughter asked for like $197 for the last dollar. >> goes up. >> after you threw your money on the set, i believe that's the going rate. >> my executive producer said for "mad money" never do that again. so i don't put my wallet on anymore because i'm so tempted to throw money. >> we'll see you tonight, "mad money," 6:00 p.m. when we come back talk with world bank official about the group cutting global growth forecast, dow hanging onto 18k. don't go away. a fair price, quality service, and that horrible smells are really good at hiding. oh, boy. there it is. ♪ ohh. ooh. [ gags ] so when you need a house cleaner or an exterminator, we can help you get the job done right, guaranteed. get started today at angie's list, because your home is where our heart is. ♪ i've got a nice long life ahead. big plans. so when i found out medi

. >> that and unicorns. speaking of a unicorn.ngton on "game of thrones" says he has bent victim of sexism. he says he does not like being reduced to a head of hair and pile of man meat. and i'll chat about it with our resident sex icon, greg gutfeld. is there a pretty boy sexism? >> this guy is a jackass. he believes he's being discriminated against because of his looks. there are 3 billion men who would gladly trade their plain looks for his and get the advantages he gets or time. we discriminate the plain and the ugly when it comes to sex, attention, jobs. we won't admit it, but we do. it cuts across all racial lines. if you take the head of the kkk and say beyonce wants to date you he would say, yes! he's confusing lookism with sexism. everybody goes to hollywood because they have been told -- kennedy: they are the prettiest person. they go to hollywood and the great thing is 95% of the people there are rejected and emotion alley fragile. >> hence the porn industry. kennedy: i'm happier here. guess whose coming up? >> i'll bet

is trying to bump the narrative and raise $120 million, going small and not targeting the usual unicornsunders are joining me now. glad to have both of you here. -- what are you trying to do? guest: $120 million. the million dollars per partner. we are a very early stage interfund. because we have 120 million, we can stay the course on the company's. it is unlikely we will start with series b. cory: knowing that you have follow on to come. we do the basic idea is between two and four companies per partner per year. that comes down to about 6 million per average. that allows us to do about 18 companies. it not a high velocity, but we go deep. cory: how long are you going to be in these investments? plus: historically, 60 investments, our average holding time has been three years. you guys started doing your own investments and just thought let's make it a business? two firms,rked at excellentpital with mentors there. but because we are at the point of origin at the early stage of company creation, we plan for a four to eight year time horizon. do you feel you have industry expertise in ce

oliver: it is time for the bloomberg quick take -- unicorn, a term to describe private startups.meant to emphasize their scarcity. now silicon valley's is teaming with them, and sightings are more common in asia and europe as well. here's a situation -- valuing private companies is more art than science, and recently they have not been spared the headwinds that have shaken at the markets around the world. big investors like black rock and fidelity, which have to estimate the worst of their holdings in those unicorns in quarterly findings -- filings are cutting valuations. as a result, many of the companies seeking less capital have to do so unless favorable terms. some even lost the magic spark, falling below the $1 billion valuation. here's the background. you might remember the .com boom when it was a feverish rush to startups, but it left me with an ipo market in its way, and tougher rules on disclosure in a forced -- in a post-enron worldcom it more difficult, especially for text appears that could tap a vast network of venture capital funds. today, here is the argument -- so

unicorns.t of them are private and they are still unicorns. maybe it is time for us to sell, too. that will continue over the next 12 months. vonnie: thank you with that great scope. thanks. mark: coming up, it is the anti-establishment fight gaining ground in rome's upcoming mural election. we will talk about the future of big eu, next. ♪ is bloomberg markets. i'm mark barton in london. vonnie: and in new york, i'm vonnie quinn. bloomberg's abigail doolittle has a life that has the latest live in the nasdaq. atgail: we are looking another midmorning selloff for the nasdaq. the index was down a 10th of 1% outpacing the losses in both the dow and s&p 500. overweighting the of some of the the technology shares. the worst presenters performers this morning, linear technology. this at cleveland research has offered a cautious mention at the chip company. be slowingpear to for the fiscal first quarter across multiple end markets. china's electrical vehicles slowing. technology -- investors are not t

emily: the post-unicorn era.seeing venture capitalists, uber analysts raising billions of dollars. is silicon valley turning? are we still in a valley? >> i think the markets and cycles change that there are things that don't. when i think about the long-term, great businesses generate cash, great businesses lead in big markets. that is always where we have looked on the horizon. i think there are other behaviors that can happen in the interim but we focus on how to make our customers happy. and building great business business. emily: you are working on business offerings. you were on stage with meg whitman last week. how is that going? how are you transforming into a truly enterprise and consumer company? >> we are all on the spectrum. we had millions of individuals buying dropbox. last year was a tipping point where it had larger customers buying dropbox. news corp., expedia, hp is now a big customer. the reason people that's the reason we have been taking out the enterprise is for the first time we are making

interviewen common about the unicorn evaluation.airman of president obama's's economic council will join us from the conference in chicago. look at the november election. all that coming up. this is bloomberg markets. ♪ oliver: electronic arts quite the curtain raiser for its outline for strategy, largely about star wars. the company's ceo joins us from los angeles. excited to have you on the show. i'm a big gamer myself. tell us what is going on at e3 and what you are presenting to gamers. >> thank you for having me. i will do my best to project through the noise. e3 kicks off yesterday. we will invite players in an key influences. the festivities kick off, it has been a great show so far. a great press conference. we showed more battlefield one and announced story mode in fifa, a sneak peek that mass effect, and rolling on, sony had a great conference. the industry overall is in really good shape. scarlet: i recognized may be one of those titles. .a is old school digital games are driving growth and not just revenue growth but pro

list worth more -- 160 of them worth $1 billion. , butbourg had one unicorn hong kong does not.ing, why not more startups in the territory? >> hong kong is a financial center, has a well educated population, the densest concentration of banks, so there is no shortage of money. it is a complex issue. iat does emerge from those speak to is that this is a place hindered by cultural norms that favor secured jobs and property or finance, not the risky nature of startups. that to that is the fact hong kong is dominated by a handful of wealthy families that have no incentive to let change happen. did you know that the top 10 richest people in hong kong control more than a third of the economy. that is pretty staggering. if you compare it to other countries, it is way more than the others. me an idea of how far behind hong kong is now. >> you mention the czech republic and luxembourg. hong kong's economy is worth more than both of those countries combined. you also take a look at the venture capital flow. million, received $266 which is a third of how much was received by companies in s

forcing more unicorns to go straight for an ipo.nd up next whether that is a red flag for the ipo market. and hillary clinton now set to face off against donald trump for presidency after becoming her party's presumptive nominee. coming up the late fres the campaign trail including whether bernie sanders will bow up. watching ♪ i could get used to this. now you can. when you lease the 2016 es 350 for $329 a month for 36 months. see your lexus dealer. >>> welcome back. once again pinterest is making the disruptor list. julia boorstin spoke with the company's president and joins us with the highlights. >> help people consume content and buy things. alternative to everything from walking through a mall to flipping through a magazine. >> we really believe that we can do for discovery what google did for search. we think a lot of discovery and most of discovery still happens off line. so off of your phone. and what we're trying to build is this digital catalog of ideas. >> and company has advantage of drawing premium ad dollars according

one of those so-called unicorns. a unicorn on the market is a big deal.we are watching the brexit vote. that could affect great britain and the economy here. polls ahead of the voting were too close to call. we won't know anything until the polls close 2:00 this afternoon our time. j.d. power released its best cars by initial owner satisfaction. a korean company tops the list, a list normally dominated by german. korean car companies come in first and third. tesla down again this morning. investigators rebelling against along musk's plan to buy solar city. solar city loses money, tesla loses money and tesla needs as much money as it can to retool and rebuild the model 3. they think buying solar city is a distraction. elon musk wants to go to mars. nobody has a problem with that. buying solar city, no, no, no. this is a kooky idea. let's go back to mars. >>> now the magnificent donald trump. >> the young teen went viral after he gave a graduation speech impersonating presidential candidates is at it again. jack iello appeared on "jimmy fallon" where he deb

progress to ipo's -- aren't we seeing more unicorns progress to ipo's?ox: there is been a slowdown, particularly in the u.s., and we have seen stretched valuations more there than we have here in europe, and that means the impact of any adjustment would be more felt in the u.s. than it would be here in europe. we are certainly seeing some great companies being formed, and i think companies and investors are prepared to keep those companies private for longer because they are looking at, you know, the right timing to take these companies to markets, and there is a healthy private equity activity level across europe for software companies and so on as an alternative to an ipo. what are your friends in germany and france saying -- would they be rolling their hands in glee if the u.k. did leave? mr. cox: can you repeat that? vonnie: what are your clients -- in france, germany -- what side are they on -- it sounds like they would be happy if the u.k. left. mr. cox: i think the innovation center is somewhat unique. it is actually a small, global community of r

. >> they are unicorns. >> they are unicorns.things fell apart after government started looking at both sites as potentially illegal gambling sites. these companies now have lost quite a bit of valuation since they have gotten into some potential legal trouble. those troubles are still working their way out here. however, part of the merger talks would have to be that maybe they are in stronger company as one. >> alibaba has proved its first financial forecast -- or provided, i should say its first financial forecast as they went public and predicted growth to rise by a whopping 48%. how achievable is it for a company which is so huge already ? >> it's absolutely achievable. china's economy, of course, is slowing down a little bit, as we know, very big, and they got their fingers in a lot of highs in the economy, but what really makes it achievable -- this is an estimate or forecast from alibaba that is ahead of what analysts actually expected. the way they can get there they , are sitting on buckets of cash. if they want growth,

#mantears, adding when a man cries in argentina, a unicorn is born. #ididitforjoejoe. >> the whole cutting back and forth between don't cry and the song was one of the best moments ever in "bachelorette" history. >> that "evita" moment inspired us to snapchat her own musical memory. ♪ ♪ -p♪ the "bachelorette" has no ct and i'm so sad ♪ >> brilliant! >> talk about stirring performances, people are buzzing about beyonce's amazing opening number at the b.e.t. awards. >> i filled up my bathtub and stomped my wayythrough it beyonce is getting some heat. she left before the show and her mother picked up the eye wards. now miss tina is coming to her daughter's defense. >> are you going to take all of those awards and head over to london? >> no, i'm going to take them and keep them for her. >> that was tina knowles backstage on sunday. she went all mama bear on the haters. tina got flack for saying this. >> on behalf of my burt daughter who is on a plane she had to run right from the stage and get on a plane and fly to london for a concert. >> sure, the conce

how do you watch the game in the unicorn hat there? not sure how that works out.bc7 sports brought to you by toyota. >> you don't watch the game, larry. the game watches you. >> well, yeah. by the way, i don't know if you saw in the comments by lebron there. his arms are like pythons. >> you think he works out? >> maybe. maybe. he might. >> thanks, larry. >>> all right. well, we want to thank you for joining us tonight. i'm ama daetz. >> i'm dan ashley. for all of us, we appreciate your time. hope to see you again in one hour over on channel 7. >> for now, abc7 news continues online, on twitter, facebook and all your mobile devices with our abc7 news ap. narrator: this program contains material that may be disturbing to some audience members. viewer discretion is advised. today, one-eyed murderer dale cregan dives deep into the criminal underworld, heaving hand grenades as calling cards. and it's one of the greatest heists in u.s. history. a mafia family makes off with millions

. >> steve, we have 168 unicorns working with at this point, and how many of those are going to end up sell rather than going public? >> well, the market in the last couple of years and the late stage growth market has been frothy in places like silicon valley, and less so in the areas like detroit or pittsburgh where the cash valuations are lower there, and it is not the mania that is happening in places like silicon valley. no question, some down rounds either in the private market or when the companies go public or the m&a transactions that are lower at valuations. at revolution, we are trying to stay out of that unicorns, but stay with the start-ups with the strategies that will bear fruit in the next couple of years. >> and to you think that money then starts to go other places like massachusetts and california and -- >> for sure. >> and more broadly, steve, you have seen the number of counties that are accounting for most of the start-up growth, and new business growth, and it is like 20 counties. >> yes, and lit broaden, and we will see that, and it will accelerate in the third

. >> we are team unicorn. >> despite being in teams, jozea led the charge to take out the vet. >> theyookies need to start thinking how to get them out of the house instead of being friends with them. >> and when he fearlessly told the plan to da'vonne, word got back to head of household nicole. >> this man is running around here like he's just, like, the man of "big brother." >> you've been going around telling everybody that i am number one on your

#mantears, adding when a man cries in argentina, a unicorn is born, #ididitforjoejoe. >> no cutting backth between derrick crying and the song was one of the best moments ever. in "bachelorette" history. the "evita" moment inspired us to snapchat our own musical m medley. ♪ >>> talk about stirring performances, people are buzzing about beyonce's amazing opening number at the b.e.t. awards. >> i filled up my bathtub at home and stomped my way through it. beyonce was getting heat because pick upped her awands, her mother picked up her awards, now miss tina is coming to her daughter's defense. >> are you going to take the awards and head to london? >> i wish i'm going to take them and keep them forrher. >> that was tina knowles on sunday. she went momma bear on the haters yesterday. she got some flack for saying this -- >> on behalf of my beautiful daughter, who is on a planee she had to rrn straight from the ssage, and get on a plane and fly to london for a concert. >> sure, the concert was in the uk, just not in london. and it turns out it was scheduled for tuesday. not monday. tina tooo

a's and twins is the unicorn. that's the a's lucky charm. how about power? his first homer of the season and bottom of the fifth and runners at second and third. this is a long flyball and it is foul. love the effort. he tag up and scores. probably want to let that ball drop. a's win it 5-1. abc7 sports is brought to you by riverwalk casino. can't wait for game one tomorrow night. >> you will be there. good stuff. - hi, it's me. [imitates fanfare] lois prices from grocery outlet. - hi, it's... the rest of us! - hey there. - hi! - hey. loifor over 60 years now, grocery outlet has been selling the brands you know and love, for up to 60% less than what you'd pay at traditional grocery stores. - and check this out. lois: we've got meats and produce, naturals and organics, at prices that'll make you wanna sing. - good thing we've got a really catchy theme song. hit it! - ♪ grocery outlet bargain market ♪ - ♪ bargain market ... now it's stuck in my head.

a's and twins is the unicorn. that's the a's lucky charm. how about power?is first homer of the season and bottom of the fifth and runners at second and third. this is a long flyball and it is foul. love the effort. he tag up and scores. probably want to let that ball drop. a's win it 5-1. abc7 sports is brought to you by riverwalk casino. can't wait for game one tomorrow night. >> you will be there. good stuff. report president as always we appreciate your time. i'm dan ashley. >> and i'm ama daetz. thank you for joining us. >> right now on jimmy kimmle, brian cranston. >> have a good night, everyone. kimmel live!" tonight, bryan cranston. from "roots," anika noni rose. and music from joanna newsom. and now, here's jimmy kimmel! [ applause ] >> jimmy: thank you for watching. thanks to all of you for coming. it's very nice. i want to begin by sending

a's and twins is the unicorn. that's the a's lucky charm. how about power?irst homer of the season and bottom of the fifth and nners at second and third. this is a long flyball and it is foul. love the effort. he tag up and scores. probably want to let that ball drop. a's win it 5-1. abc7 sports is brought to you by riverwalk casino. can't wait for game one tomorrow night. >> you will be there. good stuff.

>> unicorn, sure, i think there's a -- maria: the private companies. >> here's the thing i think is really's a two-pronged thing. if this blows up on rich tech investors, it's okay with me. what i don't like is to extract all the value out of these things and foist them upon the public as an ipo. maybe alibaba could be -- to a earn degree -- an example of that. i don't like this new model of all the great gains happening in the private sector, and then they go ipo at these rich valuations, and i hope that the public gets hip to that. >> actually, i would like to answer that because i do think most of the risk is happening in the private market. even the venture capitalists are slowing down, they're looking for this hybrid between boot strapping and the big v.c. money where they may never get their money back. let's face it, as far as bringing new issues to market, it's really slowing down. so this bubble is a little bit kinder to the public investor, people buying stocks. it's a little bit more difficult for the pros, but that's what they get paid for. gary: well, there's two things that m

havef the unicorns happened and we are seeing that capital dry up., we will see more private companies going public again versus opting for the multimillion dollar unicorn rallies. amanda: david asks a good point. because we did see so much private capital available and uni here are orphaned corns. that may even be true for uber. how long do they have to wait? , it hasah, you know been quite amazing, the resilience of a lot of these companies to continue to find capital. where there are great opportunities, there is capital that find them. i don't think all of the fallen unicorns will survive. i think that is a reality. for great companies, there will always be sources of capital. proving to be very resilient and a lot of the companies that we are seeing in our portfolio and otherwise are doing the same thing. pulling from lots of different capital sources. but i do think there has been a shift away from the larger public investors investing in companies. pimm: i'm wondering if you could tell us a little bit about what, specifically, kind of companie

oliver: one last question about unicorns. concerned about valuations in this area right now? >> i think startups should think carefully about how high they want the pre-ipo valuation to be. i think part of the challenge is the valuation is so high. in order to be where the valuation keeps going up while attracting smart money from the night states, it is really important that the start to turn a profit. to turn a profit, they will have to be more aggressive on pricing and commission in the united states. meanwhile, there is the growth strategy in china. sometimes the pieces don't all fit together. there is the handle strategy for them which is dominance in the u.s. and western market and then sort of building from the. oliver: fascinating conversation. coming up on bloomberg markets, net neutrality, a term we have been hearing more and more us, but what does it actually mean? we will explore this in today's quick take. wasver: apple has dealt -- dealt a major blow in beijing. can they recovered? scarlet: and we look at net ne

route as something they would consider, which we have seen a lot of the larger as we call them, unicornsd the brakes when it comes to going public. good news for my market. sawe for blue apron, we some sort of activity happening in what has been a slow year for tech idea -- ipo's. emily: alex barinka and david kirkpatrick. applocalized e-commerce that got one of the best shout outs in merrymakers annual ceo report. ♪ to siliconing now valley's most important slide show of the year, merrymakers annual inter-net report. this year's presentation included some seriously sobering themes like the fact that smart phone markets are slowing. and in the company -- e-commerce company called offer up got a shout out. search timeaily you has gone how are -- usage time has gone higher. the ceo joined us here on the set. i was in the audience when mary meeker mentioned you guys. what do you attribute the recent growth surge to? is it because the way the product is designed, the way the images are emphasized? >> i think because of the smartphone we can really reimagine the way people buy and sell locall