steve: there are people walking in that door every week, every -- wemetimes, but someone keep hearinghe steve on -- this steve jobs and elon musk said the next generation, but some of them are wrong. i think the best partnerships are when the investor believes in the entrepreneur. when we first invested in tesla, i was convinced that all vehicles would be electric. it was not my idea, it was his mother but i've fully buy it. -- i fully bought it. i have been wrong, and i will be wrong again, but when it is right -- can we talk about the ones that are right? emily: so the world of venture capital has changed a lot in the last years. alongon horowitz has come , it is the hot new firm. they've got a lot of people in recruiting, marketing. place inyou see dfj's the hierarchy today versus 20 years ago when you started? steve: i try not to compete with any of them. in a healthy economy, you are going to have different firms that do different things, have different strategies. if we are doing our job well, we will not come head-to-head with the same group over and over again, because that mi