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tv   Bloomberg West  Bloomberg  December 4, 2015 6:00pm-7:01pm EST

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emily: i'm emily chang, and you are watching "bloomberg west." the fbi is officially investigating the california mass shooting as an act of terrorism. investigators say syed farook adopted radical islamic views and was in touch with people in california who were being monitored. an official said his wife lets allegiance to islamic state. she reportedly posted a pledge to the group on facebook, then deleting it before the attack. a california landlord invited reporters inside the house rented by the attackers. authorities say they stockpiled pipe bombs and over 4500 rounds of ammunition in the home. president obama has signed a five-year, $305 billion highway funding bill, being called the longest term highway plan passed by congress in two decades. it will also revise the export-import bank.
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headed toplanes are syria. lawmakers in germany approved the deployment today. they will help conduct surveillance missions for the coalition. has welcomed indonesia back as its 13th member nation. southeast asia up a large returns to the organization after a seven-year suspension. it's opec's only asian member. the cafe were five people were killed in the paris attacks has reopened. since the attacks, the cafe has piled high with flowers. that's a look at our bloomberg first alert news. get more on this and other breaking stories 24 hours a day at bloomberg.com. ,"ming up on "bloomberg west the u.s. job market remains strong, markets rally and a fed rate hike is upon us. what does that mean for lending in technology? comments in my latest "studio 1.0" on how diversity has caused quite a stir on social media.
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as airbnb continues its global push and claims more transparency, i catch up with the global head of policy. lead, another strong jobs report today fueling expectations that the fed will hike rates at its december meeting. what will hike mean for silicon valley's era of easy money? investors have flooded money into startups. there are more than 80 unicorn companies in the united states alone. most a startups have not been tested in any economy with higher borrowing costs. interest rates have been near zero since 2008, before unicorns like uber and snapchat existed red will deflation in technology follow the fed rate hike? with us in new york, david golden, and with me for the hour, brad stone, our global head of technology -- thank you, everyone, for being here.
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potential hike mean, not just for startups, but vc's investing money? >> it doesn't mean very much, at least in the short-term. we have run a series of analyses and look at the correlation between interest rates and the amount of money that vc's invest. 09, they2 -- 2000 to 20 were positively correlated. 2008 2009, after the crisis when the fed started to reduce rates, there's a negative coalition. the lower the rates went, the more vc's invest it. there's no causal relationship that we can tell. emily: would you echo that? >> i don't think we will see shock and all with the fed rate hike anticipated in december. it's a question of when now, not if. amount is 25 basis points. i don't foresee any shock in the marketplace.
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it's more of overtime that people realize rates will go higher and higher. like one of felt the staples of conventional wisdom over the past few years, low interest rates was creating an alternative, nontraditional investor, a foreign investor, private equity fund to look for greener pastures in venture capital. if it's not just one rate hike but may be a series -- doesn't the reverse happen? >> absolutely. over the long-term it could. stage look at late venture investment, 40% of those dollars are coming from nontraditional venture capitalists. rates rise, other asset classes become on a relative basis more attractive. venture capital is a very liquid asset class. see aes rise, you will shift, but i don't foresee that in the intermediate term. emily: the idea that the last seven years of low interest rates may have sort of led to
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this potential bubble that we're in, or that the boom would not have happened without it? what do you think? >> it's catch 22. we're in a bit of euphoria with the last several years. history does repeat itself. you will see some concern, whether it's vc's or any sort of alternative lending, their concern on long-term investments the abilitytially for the downturn in the economy could put these investments at risk. your portfolioto companies and colleagues in the startup world and they are making plans for their big, swanky holiday party, and maybe a for 2016, change in the investment climate, are you advising companies to bring it back? >> the most important advice we give to our portfolio companies is you cannot time the market.
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what we advise our companies is make sure you have a great business, solid unit economics, you're making decisions that are rational and eventually profitable, and let the market take care of itself. we are advising companies to raise capital when available. this is a market that is easy on a relative basis. emily: do you think winter is coming like everybody else? >> i think it's a slow deflation. there's a big difference between 2000 and today. will00, all the startups probably be traded. we knew the valuation, all the financials. today when airbnb versus snapchat raises round -- that happens every 9, 12 months. that will slow the deflation when it will happen. >> any idea what a u.s. rate hike means for the copious amounts of venture capital floating around international startup markets? >> it's funny you say that. we are an alternative lender
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that actually operates in the u.s., australia, u.k., and canada. outside the u.s., we have actually seen really no slowdown nor do we anticipate. the m&a activity has been an all-time high. even if it slips down a bit, there's a tremendous amount of opportunity for vc investment in technology and outside technology right now. how are you personally doing anything differently? were not doing anything differently as a result. we always maintain being disciplined investors, we have certain return criteria we are employing. emily: what about with this idea of a bubble? our business is a power law business. in a portfolio we will have 40 investments, three of which will generate meaningful returns. amazingto be in three
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companies and sometimes those companies are more expensive and sometimes they are less expensive. we happen to be and a time when they are really expensive. you can't time the market. >> we've seen some hope for the ipo market with companies. what is the interest rate hike, prospective interest rate hike mean for ipo's? >> it will be really tied to the macroeconomic conditions. the economy overall will have not just the interest rate hike. it's going to be a lot of watch and wait, especially vc firms. as the market gets soft they may be hesitant to invest capital in new ventures and really focus capital deployment on their existing portfolio companies. i,ly: the ceo of cap if thank you for joining us. watch out, tesla. porsche is set to begin production on a high-performing electric car based on its
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mission e concept. when it hits the market, the car could challenge the tesla model s. the company is investing more than $760 million to upgrade its facilities to accommodate the new project. porsche predicts the car will have a range of 310 miles and go zero to 60 in 2.8 seconds. no prime line -- no priceline and timing details have been released. airbnb's latest push to change regulation in new york, coming up. what's going on with gopro? ♪
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pro, shares of the action camera maker slipping 5% today. the latest concerns stemming from an earnings report. highlla warned of inventory in sports wearables and said it expects a decline. gopro shares have fallen more than 70% so for this year. airbnb finally give the world a glimpse into its operation. in new york city, at least. the company had the front claims by the attorney general that airbnb enabled illegal hotels. leading airbnb's campaign as its head of global policy, so-called
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master of disaster from the clinton era, white house administration principal there with me in the studio. curious, how does working at airbnb compared to being the master of disaster in washington? about washington, d.c. is a fight for inches and millimeters of ground, real partisan issues on one side or the other. airbnb is a very different concept, and ultimately we see ourselves as providing cities and societies and enormous value proposition. we are coming at capitalism in a different way. it is a people from people platform. $.97 on every dollar actually goes to the hosts who are sharing their homes. it is a situation where you can get multiple winners. it's a little bit different type of model. emily: the data the data that you released, it shows that most people are renting out one, maybe two properties, not a lot of different properties.
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annual income on averages $5,000 or so. the attorney general has really been going after airbnb. cannot change the game? -- can that change the game? guest: i do think that one of the reasons for putting the data out was to help inform the conversation with elected officials, those who cover us, and then you have to use good data to address that data. there was a narrative out there that this was something other than what it is. we are opposed to illegal hotels. by putting the data out, i think were able to demonstrate in a dispositive weight at 99% of the people on the platform in new york city are people who are trying to use this to make ends meet. that 126ur data shows hosts are making between $100,000 and $350,000 a year. should anybody be allowed to make that much money on their
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property? guest: you can have corporate housing on there, hotels on their. there's a bunch of things on there in that 1% that would be completely appropriate. at the end of the day, 99% are doing it in the way to middle-class people are trying and smead.make the best solution for new york is, let's give clarity and if youty to the 99% and have issues with others, it's pretty easy to address those. should there be anyone on the platform renting more than two properties, or does that undermine your values? guest: every city is different. some cities are big vacation rental markets. in a housing constrained place like new york city, we think things should be done with permanent homes. that is what the data suggests is actually happening. let's work to create these structures that really helps protect those, and then what ,e've done -- amsterdam, paris
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london, san jose, philadelphia -- all over the world we been able to come up with partnerships the help cities get what they need and be able to address their concerns. emily: in the past you have 2000 in newgs down, york city and particular. have you change anything about your enforcement criteria? company.is is a young we learn every day new things. you gethe things -- rated in terms of the properties you list. if you're not providing people and authentic am sharing experience, you get a bad rating. i think we've educated and been involved in the conversation with our hosts. we've done things in terms of quality of listings. all those things together and you get to that 99% number. emily: we were recently interviewing the head of choice hotels. take a listen to what he had to say. >> they will have to play by the
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same rules we all do. that means life safety, security, you have to be zoned to do it. you don't just throw up a hotel where ever you want. are herei think they to stay. they will have to adjust their model to fit in with the city's. emily: how do you react to that? guest: we released a contact a couple weeks ago. we committed very clearly as we've already been doing to wanting to pay our fair share of hotel taxes. many of the things enumerated, i believe they present a bunch of days in and some of the lower costs. none of those hotels actually put out their safety record. we've had 17 million people stay on our platform with a very strong safety record that i'm happy to put up.
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the third thing is, we're complement three to the business. we get the idea. , when you usec. to call a gas and washington, d.c. is unintentionally saying what you really believe. he was concerned about airbnb because it was impacting their ability to quote unquote gouge consumers. they actually said that. we actually believe we are more complementary to the hotel industry, we bring in people otherwise who would not travel, first-time travelers. we think we provide an importantly valuable -- important value proposition. emily: there was a media host that got a lot of attention, written by the son of a man who died in airbnb. a branch fell on him and killed him. how are you guys thinking about safety and liability in the
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event of these kinds of situations? tragedy.'s a terrible our hearts go out to everyone who's involved. we have an incredibly aggressive and progressive insurance policy programs are you get a million dollar policy that goes with you automatically when you're on the air bnp platform, -- airbnb platform. 70 million people, and we have an incredibly good record on the safety front. thirdly, we work with our hosts to educate them in all sorts of ways and make sure we're encouraging fire alarms, carbon with how supply guests they should enter and get out of the property in case of emergency. example, in san francisco, we did a memorandum of understanding of what the city has put in place, specific safety mechanisms.
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defensehat you call the of, helping people stay safe and secure. to help inon emergency situations. we've done a bunch of agreements with emergency responders to help cities in emergency situations. hit, weerstorm sandy helped provide housing. we were in paris during the terrible events of the last two weeks and helped inform bob members of the community -- info rm broad members of the community about what they should do and where they should be. lehane, you are sticking with us. we will chat to you more after this break. later, you know him from commercials like this. >> are you looking for true love? you would be perfect for eharmony. we've helped over a million people get married. emily: eharmony's founder and ceo will be with us later. stop waiting.
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emily: from the clinton era white house, chris lehane still with me in the studio. f, which would have put more restrictions on companies like airbnb -- what cities are next? where do you feel in the united states that you have a lot more to do with regulators? chris: there will be more people doing home sharing tomorrow then today and more the day after. it's not a question of if, but when. we're engaging in conversations with almost every large city. most places are looking to find partnerships. what's interesting is a lot of cities are getting their basis
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points, which is -- this is a new thing. the economic dislocation of 2008, when people have begun to need to find ways to increase their income, and we need to find new approaches to deal with this new thing. cities sort of understand that, and more and more of them are in the best position to put themselves in a place where they can fully benefit from the value proposition, but put in whatever guardrails they feel they need to address in their particular city. my expectation over the next 24 months is we will see more and more lining up to try to figure out a good way to help their middle-class and address the situation in their city. emily: what about china specifically? you specifically doing to make sure it works in china? look at atime you place like china, there's any number of issues. it is addressing what in the
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business is china outbound travel, people in china traveling to different markets. they travel to different pockets of asia, europe, particularly the u.s. i know you spent time in china. real interest from the people of china to be ambassadors for their country and telling the story of what is going on there, growing middle class, real interest in travel -- we are a unique platform. the nature of it aligns with the value and interest that folks in china are having a variety of conversations about partnerships we can pursue in different countries. in peopleg interest , particularlying parks in the u.s. emily: branch ascii jokingly mentioned iran as a market. any markets where we are going to see airbnb do something really interesting? are in every country
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in the world right now with the exception of north korea, iran, and syria. that speaks for itself. obviously went into cuba earlier this year. it has been a tremendous success in terms of democratizing travel, helping provide real support for people on the ground in cuba, a lot of people that travel in cuba. the ability to democratize travel, you will see more and more of that. emily: no iran anytime soon. chris: a lot of interesting things are happening in iran. lehane, airbnb head of global policy, thank you for joining us. ♪
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emily: i'm emily chang and this is "bloomberg west."
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mike morris appeared on my longform interview show earlier this week and made some remarks regarding the lack of women partners at his firm. take a listen. >> we have many more women working in our china business than we do in our u.s. business. why is that the case? the issue begins in the high schools. women, particularly in america and also in europe, tend to elect not to study the sciences when they are 11 and 12. suddenly the hiring pool is a lot smaller. emily: you think it's a pipeline problem? some would say, you're not looking hard enough. >> we look very hard. we just hired a young woman from stanford who is every bit as good as her peers, and if there are more like her, we will hire her. what we are not prepared to do is lower our standards. emily: after the interview aired we got hundreds of comments on
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facebook, read tweets on twitter, including from ellen pao, who worked at kleiner perkins and unsuccessfully sued them for gender discrimination. moritz did and then his or marx and e-mailed me a statement saying, i know there are many remarkable women who would flourish in the venture business. we would be ecstatic if more joint sequoia and other firms. i want to continue this important conversation. joining me now is the founder and ceo who has been working very hard on something called board list, a list of women candidates for board. say this,eard moritz what was your reaction? >> i wasn't too pleased. i feel it nothing could be further from the truth. we are probably -- what probably frustrated me most in that conversation was the fact that we think we need to wait for 2 more generations of women to get stem degrees in order for them
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to be a viable female candidate to be partner. that's not the truth. i wonder why he said that. >> i have nothing but respect for mike. but when you step back, this takes three much to this issue of unconscious bias. one of the things we did today -- in the last 24 hours, we looked at the 2015 [indiscernible] we won it to see whether a stem degree is a prerequisite for success. emily: by the way, mike moritz has a history degree. ownoritz credits his success on the fact that don valentine took a risk on him. >> what did you find? >> republishing this on medium. -- we're publishing this on
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medium. of the top 100 investors on midas, 95 our men and five are women. 61% have a degree in a stem field. that means the rest do not. almost 40% of the midas list does not have a stem background. if we look at the split between men and women, 61% of men on the list had a stem degree. 80% of the females on the list had a stem degree. andink when people use stem a stem background as the excuse for why women are not becoming unconsciousoints to bias specifically. let's look at the top vc's in the world right now. peter thiel. mike. three of those four were philosophy majors. to the topeir way not needing a stem degree to get there. our believe is, there's a
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combination of many things that make you successful. we want to talk about the journey of a female vc. it cannot be the narrative that there are not enough qualified women because the prerequisite is 100% new stem degree. >> why are they holding women to different standards that they were not held to when they are hired? >> it comes to the same issue, we see unconscious bias in entrepreneurs who get funding. there is a stereotype, there is the anecdote of what a great venture capitalist looks like, what a great entrepreneur looks like. those instincts prevail. everybody has the image of the vc or markmale zuckerberg. once you look at the data, it takes data to unlock people from their unconscious bias. we see a lot of comments made, not with mal intent, but anecdotally, and it's important that we look at the data right now. emily: i'm being devil's advocate.
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the idea is that the diversity of a partnership creates diversity of thought and better outcomes. firmse most successful are firms that have no women. keyser boy was -- no one is performing better than sequoia. does it matter if they hire women? across the entire industry, the other key thing is people are not looking at is what is access to the right deal flow into the right deals. we know venture capital returns are made on a few big hits and many core performers -- poor performers. the disproportionate spoils go to firms that have had one or two good picks that does not reflect the diverse ideas their entire portfolio. it would be equally good to look at a staff. seeing the trend
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of a number of women venture capitalists leaving firms and starting their own. >> absolutely. there's a lot of things at play in terms of who gets the unicorns, access to network, even the staff that mike -- like might pursue like. play inmore at understanding why a few big deals may go to a few big firms that don't have diversity. >> it feels like we've been talking about this issue for the last year. the national venture capital association put together a task force to look at the issue. are you seeing any reasons for optimism? >> i feel reasons for optimism because of things like the level of this conversation, because mike is pretty smart and genuinely a great guy. >> is incredible that sequoia has no female investing partners in the u.s. >> it is unbelievable.
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what i feel optimistic about is there is more conversation on the topic that has ever been. the board list is meant to put women on private company boards. it's the best leaders for rabbit company -- private company boards. partners whous vc are committing with us to changing the ratio, not because were lowering the bar, but we're making access to great talent easy. [indiscernible] look, board list is great. crowds surfacing is nominated, tech leader nominated, great women talented. emily: what is some actionable advice you have for mike moritz or benchmark or andreessen horowitz, these firms that are still sought after by entrepreneurs, and that doesn't seem to be changing yet, to make their partnerships more diverse? what can they do right now? tonumber one, when it comes
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their own sourcing for partners, the need to look at their own data and look at the data of the industry as we just talked about great when you feel like you are may be subject to unconscious bias, the number one way to correct that is not to say it doesn't happen, it's to be grounded yourself in the truth of the data. the data is how many women are interviewing for these roles, the background of their partnership relative to the requirements of women. vc's, womenen ceo's, founders, entrepreneurs. ground yourself in the data. look at the number you're trying to recruit. you have to look at your own type lines and see the truth in the data as opposed to falling back to what may be an unconscious bias. not now intended, but unconscious. emily: we will watch for your post on medium. thank you for coming. thank you for your passion and for bringing the data. always great to have you on here. , to california's shining
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example on climate policy. the state is looking to reduce greenhouse gas emissions to 80% 2050,1990 levels by raising mandatory targets for electric and hydrogen powered cars, from less than 1% to more than 15% over the next 10 years. nine other states are looking to follow the lead but they do not share california's sunny, stable weather. recent tests have shown that electric cars don't run at full capacity in cold weather. mandatesless about how for producing electric cars are about to go way up. >> that's true. of the a big element plan, and california and these other states who have chosen to follow the california rules -- so right now, there are targets at each of these states, gives the automakers right now it's
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less than 1% of their sales. in just the next few years, that will ramp up to about 15%. that will be a dramatic change for the auto industry. emily: why are states in the northeast essentially mirroring california's zero emissions vehicle standard? >> this dates back to the clean air act in 1970. california was given the option of setting its own pollution standards because their smog problems were so much worse. all the other states in the country basically have the choice where they can follow the california rules, or they can follow the federal rules set by the epa. in many of these states in the northeast, new york, new jersey, maryland, massachusetts are some of the bigger ones -- they have
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smog problems of their own, and they have chosen to follow the california rules. emily: weather can presumably affect them. thank you for joining us, don't forget to check out that article. electric cars can't take the cold. ceo isup, the eharmony looking for love in new markets. the secret to a lasting dating service in the age of tinder. ♪
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emily: to love in the age of tinder, match made in flash with a $400 million ipo.
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not far behind is its , claiming, eharmony responsibility for more than 2 million marriages to date. dr. warren joins us from l.a. for an update. dr. warren, in the world of online dating, we have a bit of spinningne with iac off match and going public. what do you make of that decision and how does it affect eharmony? >> we are really happy for this public offering that match has made. it validates the entire space. people who are looking for a quick fix to their needs look to tinder, i think. they're looking for somebody to tonight. they look to eharmony for someone who will be with them for a lifetime. we feel well established in our space and we're happy for them. >> we understand you have some launched aust
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spanish-language version of eharmony. tell us why you did it and how big you expect that to be in terms of your global business. >> thank you for mentioning that. we're very excited about our spanish-language division. about 35% of all of our customers in the u.s. actually speak spanish. i was overwhelmed with that, and so we're opening our spanish -- we've opened our spanish site now in the u.s. we will move to mexico next, and then we will probably move to spain, and then we hope to go to south america, to argentina. where very excited about that. emily: let's talk about mobile. has dramatically changed the mobile dating landscape, while tender, swiping left or right may be makes sense on mobile, does it make sense to fill out a super extensive matchmaking questionnaire on
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eharmony? how are you dealing with these things? arere mobile applicants 68%, almost 70%. we've established a very strong mobile team, we've doubled our rates of people converting to subscribership. we think that will be really great for us over time. it's a great opportunity. but it was a daunting challenge when we started receiving so many of our registrants via mobile devices. >> what percentage of your business is mobile right now? >> what percentage of our business is occurring with mobile devices? >> that's right. >> i think it is 68% now that we are up to.
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it has grown. you understand that five years ago it was 0. trying to adapt to that, it's kind of an interesting thing. people have asked me for years, what makes for a great marriage? i always say, adaptability. in our business we have to be adaptable to -- adaptable to this major move away from desktop devices to mobile trying to dowe're that well. we think we feel pretty good about our progress so far. emily: you have announced a matchmaking site for jobseekers, and said you will launch this in 2016. what does this look like and how is it different from linkedin or monster? >> thank you for asking that too. we have them of things we focus on in our matchmaking site, that will be released for full use by the public on march 1. the first thing we try to do is get a good match between -- the
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culture match between the applicant and the company that they want to work for, the second thing is we look for a good match between the applicant's skills and resume values, and the job, the particular job, and in the third thing we look for is a good personality match between the applicant and the supervisor, and the fourth thing we look for is we think that most jobs have about eight or 10 other people who are crucial to have a good personality match. when you get those four things, our research shows that job has a chance to last a lifetime. >> we are to end with a quiz question. had ander ceo sean rad disastrous interview recently with a british newspaper, in part because he could not come up with a word for an intellectual attraction between two people. do you know what that word is? >> and intellectual attraction
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between two people? i don't know what word you're looking for, i don't. >> i'm glad you did not guess. is say bureau sexual -- sapiosexual. emily: you learn something every day. dr. neil clark warren, thank you for joining us, ceo of harmony, -- eharmony. from billion-dollar valuations to billion-dollar --next on "bloomberg west." ♪
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emily: it's been a busy week in silicon valley. we thought we would give you a tech week in review, starting raise 2.1 looking to
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billion dollars, valuing the company at over $62 billion. i don't remember this ever happening in the past. >> in terms of internet companies, probably not. you'd have to look at the semiconductor companies are usually rate as debt on the public markets, or maybe go back to the overall fund raise of an amazon. money, aic, raised couple of debt offerings -- they are building physical things. 2 billion plus. >> this round is for up to $2.1 billion. they've raised $10 billion already. emily: what do they need this new money for? >> it's an expensive business. they're subsidizing a lot of the rides in china and india. in the beginning, before they
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have a large network of drivers, they have to pay drivers a lot, give writers discounts, and those things are expensive. paying for growth is a large part of it. emily: the fact that all of competitors, they're all partnering up basically to take on uber, which makes a lot of sense. having gone to beijing recently and having to download the app, it's all in chinese, it's really confusing -- now i can just use lyft there. >> one of the things to pay attention to is there really are two camps, there's uber and the companies you mentioned. mutualve lots of investors. notably, tiger is one of those that is now invested in uber, which adds drama to the mix. emily: let's talk about yahoo!. the board has been meeting. still waiting to find out what they decide, if they decide
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anything. >> there are two questions. will they go ahead with the and do theyen out, wave the white flag and ask mercy to sell the core business? three years ago, marissa came to yahoo!. do not know how long she had. the lesson to me this week is that sheow has very little time. activist investors like sr board, executives leavingahoo! intro's, lots of negative press attention -- i think t endgame is here, d she has a very loyal board, they probably will stick with her, then we might be looking at a proxy battle. there's a lot of activist shareholders the want to see her unlock the value that are done with this experiment and don't think there's a future for yahoo!. emily: and game for her? -- end game for her? >> this is an unprecedented situation. she's about to have twins. i don't know how you play that out.
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there's a personal situation, there's the clock ticking with alibaba, the spin out, the fact that we don't know what the irs is going to do. they're wondering into very ambiguous territory. they could tax the whole value of the deal or a could be nothing in return a lot of money to shareholders. she has very little time. there's a lot of pressure on that board. the yahoo! board has typically not been that farsighted. people on that board, really esteemed individuals who, their reputations mean a lot. he is probably putting a lot of pressure to get ahead of this and do something more dramatic. [indiscernible] that's the big question, does that happen? >> we know they've named a ceo of the new spin company. this is a train going down the track, it has a lot of momentum. i think it happens that then they get creative and try to get ahead of any kind of hostile maneuvers around the core assets.
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in our reporting we have named the verizon at&t, probably the likeliest bidders. emily: what are you watching next week? >> tv. emily: no, stories. i'll be watching "homeland" and "the affair." [laughter] i want to understand the tiger deal, how it went down, we don'tecided -- know the check size right now. the amount tiger has invested in uber, that is the follow-up i will be tracking. emily: always great to have you on the show. thank you all for watching. it's friday. have a wonderful weekend. ♪ sure, tv has evolved over the years.
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