Joining me today is sir michael moritz. Europe wrote this book with another sir, alex ferguson. He is one of the most revered names and football. What true you to this project as a tech investor . Michael as a young boy and started to follow them and i followed them through the years. Working in Silicon Valley to build sequoia, i was very curious about organizations that had succeeded for very long time and performed at an extremely and particularly those organizations that had been run by one individual. There just are not that many of them. You have been tasked with taking undervalued assets and making them profitable. Michael he grew up in scotland and i grew up in wales. Both have an outsiders mentality and a strong work ethic. Emily is credited with transforming this faltering club into a 3 billion public company. What is the key to his success . Michael i wish id done this or thought about all these topics 30 years ago. I certainly would been far more effective. Three years, developing people inside your organization. Particularly young people. Bringing them along. If you are successful doing that, you build great and itency and loyalty is easier to instill the levels of performance that you want. Boil down the traits of the distinctive leader to just to, obsession and capacity for dealing with people. At jeffael if you look bezos or zuckerberg, these people are obsessed with the products they are trying to build. And then the companies. I think the very successful buildinge great at teams around them. Microsoft for example in its heyday had a very stable management team. The same has been true at apple. You are so well known for your time chronicling the early days of apple. You were in favor with steve jobs and then out of favor with him. What did you learn about what makes a good leader . For steve the product was never good enough weather was a computer or a tablet. He was always thinking about the next thing. That is the distinctive hallmark of a truly great leader. Great is never great enough. Emily there were a lot of qualities about steve said are some controversy over. Is the jobs model good one . Im a huge admirer of steve. Is very easy for people to sit and snipe. I dont think any of us really understand the emotional consequences of being put up for adoption. How that affects your life. What people also dont see that steve. Im not trying to whitewash the fellow. This was an individual very capable when he wished of showing great empathy and compassion. Steve was the most remarkable person i have met. Sadly, it was unfinished. Butte on business terms that was about it. Emily you wrote the famous time cover story about the machine of the year and you were a journalist at the dawn of the pc revolution. I want to talk to you about upandcoming leaders. Michael brian exemplifies the wonderful traits of a leader. He is assessed with his company. For him there is always another hill or mountain to climb. He pushes his team very hard. To do the impossible. He has a very longterm view of his business. E has got a lot of energy much optimism. Travis fantastic leader is somebody that i dont pretend to know well. All . Have you met anybody who isnt controversy over who has done really interesting things. Emily do you think you have to be arrogant to be successful . Leadersael lots of make decisions about taking their organization in a direction that is not wildly popular within the organization. Sometimes it spills over into arrogance. I am different from how i was in my 20s. Bill gates who is in his 50s is very different from what he was in his 20s. Everybody learns a lot in their pursuits. Andunderstandable Energy Enthusiasm that sometimes spills over to arrogance for some people in their 20s tends to get softened. Emily you wrote this book before jack dorsey was named ceo of twitter. Do you think twitter can become the second such company in history . Sir michael i think it is far better to bring a founder back who feels a kinship with the company then going outside and recruiting someone. Jack hasnt been bashful about saying the product of twitter needs improvement. That is where his strengths lie. If the product improves, then the business will improve as well. Emily how you see this playing out . Will this bubble burst or is there a soft landing . He somehow made it to Silicon Valley. What that kid where and headed you get here . Michael i went to college in britain and this was the britain of the 1970s. It wasnt a particularly enticing place if you were young graduates looking for opportunities. So i came here and was very lucky to get a scholarship to come study here. After that i was lucky again to get a job at Time Magazine. Which semiotic Time Magazine sent me out to Silicon Valley. Luck,h a stroke of great a fellow who it started sequoia to the risk on may. Emily what the qualities that you had as a journalist that made you a good investor . Not sure i am a good investor. We keep making mistakes. Its a very humbling pursuit. As soon as you think you are good at it you get chopped off at the knees. Journalism was pretty helpful because you are often parachuted into a story you know nothing about. You have to get your bearings extremely quickly. You have to deal with imperfect information and then you have to have a point of view if youre a journalist. Or you make an investment decision. You are trying to gauge sentiment. The fact that i had been trained to make up my mind about a confusing set of information extremely helpful. Emilyis very difficult to tell m some of his background whether they will be successful in the venture business. We have a lot of Company Founders at sequoia. Theres also room for lots of other people. Businessthe investment is different from running a company. People like us are not running the company. We are trying to help these companies as much as possible. The other thing that people miss is that we are working very hard on building our own organization. Unless you have that at the heart of everything you cannot make consistent investments. Emily you say that the minute you think you are winning its dangerous. Be the most successful Venture Capital firm in history. What you do from within to evolve the firm and stay on the edge . It begins with consistency. Showing up for work every day. It is easy to start easing back and not working quite as hard. Not seeking the same level of success. Not having the same hunger. Getting arrogant, becoming complacent. Believing that you are as good as your press clippings. Which is never true. We still lack like this in the belief that we are only as good as two things, the next person that we hire to become part of our next investment. Over the headline be today . Sir michael gravity has not been repealed. Things will eventually fall downtoearth if they are not properly constructed. Annalee have you see this playing out . Will this bubble burst or is there a soft landing . Sir michael it is a more than 1999. Me there is not the sense that every company is going to be a s. Ssive success peo people are more discriminating. Some will come a cropper. Emily is that a british expression . What does that mean . Sir michael some of them will fail. Get too big for their britches, if the product or service doesnt really fulfill its promise, the company deserves to fail. Protected our late stage investments in this environment . Sir michael many of these investments arent really investments, they are just disguised forms of debt. Many are very well protected because the terms that investors have to put around them. , the liquidation preferences. Emily is that a dangerous trend . Michael if the company doesnt perform, yes. Emily what about the risk of delayed ipos . Sir michael weve gone through this. Re the violations in the valuations in the private market are far ahead of what they are in the public market. Another bucket of cool water and one bucket of hot water as they are comingled the temperatures will even out. Emily what type of business will be the first one to go belly up . Sir michael the businesses they are the ones that are run by people who deny reality. They dont use the money that they have raised very wisely. There are a whole bunch of shortcuts to success. They will come a cropper. The companies that of got really and discipline about that have the right ethical compass from the top, and also has very distinctive products, they will flourish. Emily lets talk about the ondemand economy. There are questions about that model. Sir michael the one thing we got right about that was that consumer demand for this service is just through the roof. Young instant card is finding today. He doesnt have huge factories or distribution centers. It doesnt have its own fans. It doesnt have all the Capital Infrastructure that was required. It can manage a workforce through these incredibly powerful smartphones. It is incumbent on instant card and its wonderful ceo to make sure that all the economics makes sense. Which it will. But the company is providing a fantastic service to consumers. Emily any concern about competition from uber . Sir michael we are always aware of the competition. You cant run a afraid. Then you are following. Its a very very complicated business. Very difficult for any company to manage. How bullish are you right now about alibaba . Emily you were really bullish on alibabas ipo. Have you feel now . Do you feel now . Michael i dont think anything has changed about china. The underlying consumer demand is there. The business is very good. It is strong, it is healthy. It is vibrant. We have built a wrong business there of course. A very robust business. Run by some wonderful people. It is no accident that some of seven of the 20 most valuable Internet Companies are chinese. Over the next 20 years, there will be far more Business Done between the Technology Companies then there has been over the last 20 years. Emily what the Silicon Valley had to learn from china . Sir michael i am always struck by how eager the people who run Chinese Companies are to learn about their american counterparts. How frequently they come to the united states. How champ to their schedules are when they come. Ceos andat the founders of Silicon Valley companies do the same thing in china. I think we could learn a lot from them. Products are different and the services are different. If any Silicon Valley company aspires to be a global company, china is going to be a very big part of that. Seeing airbnbare starting their own chinese company. What does it take for u. S. Tech companies to succeed in china . Sir michael we try not to make the mistakes that others have made. Andneed to go there understand that the market is different there. You definitely dont staff your company in china with people from america or europe. You need to understand that there is a very different work ethic in china. People just happen to work a lot harder so its a whole new level of competition. Sequoia is very successful but you have no women partners. When you think your responsibility is . Sir michael we think about a lot. I like to think that we are lind to somebodys sex, religion, background. We probably have more different nationalities working at sequoia. It is a very cosmopolitan place. We have embraced china, we have embraced india we have operated in israel for a long time. Arentl question is why there more women . We have many more women working in our China Business then in our u. S. Business. Why is that the case . The issue begins in the high schools. America tend to elect not to study the sciences. When they are 11 or 12. The hiring pool is much smaller. Emily some would say you are not looking hard enough. Sir michael we looked 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 them. What we are not prepared to do is to lower our standards. If there are fabulously bright justn women who are really in technology and very hungry succeed, we will hire them all day and night. Emily in 2012 he shook a step back from daytoday operations. We are seeing you taking on new boards. What has it been like . Sir michael i have enjoyed it. I did so for a variety of reasons. I talked about them at the time. As a helpful team member. Im not involved in the management of the business. Im involved with several companies. Some of them very young. Something wants some help at sequoia i am more than happy to do it. Go to india, go to china. I also have a bit of time to do things like write a book with a wonderful man who managed a fantastic soccer team. On a you could be sitting beach right now. Sir michael i cant imagine anything more boring than sitting on the beach. I think the vibrancy of life comes from new experiences. I have no idea what is next. Something will show up. Sir michael, thank you so much for being here. Artists like simon denny. Simon denny i want to put things on a stage so that people can look. He is an artist that among the generation that is what its like in the visualage. Born in new zealand and based in berlin. Taking the biggest art stages by thoughtprovoking installations. He helps us make sense of the modern world we live in technology, privacy, and corporate power. He is able to articulate and put together what we are all trying to figure out. Does any subject he is interested in. He goes full tilt to really explore and reveal to us the often hidden or overlooked issues. New york new york. It is the place to be if youre an artist. Simon denny may just out of his 20s. He has already made a name here. At thesaid retrospective museum of modern art ps one. Simon denny i went to. Niversity at auckland i fell in love with her school. Started having a great time. The fun never stops. My artwork is about culture and the way it changes. Is morpheus one exhibition about summarizing those exhibitions in a trade show style format. You get canada condensed easy version of six projects. So to the summary of where my. Nterests lie right now as a firstgeneration digital native, second culture and its influence on all of us is what fascinates simon denny. The exhibitions curated summary of his tech works. Powerhouse check conglomerates. Close observation in typical simon denny fashion. Peter the interest in his work comes from a hunger that we have to think more about tech culture. It uses many of the materials that we associate with commerce. Plexiglas, commercially printed material. There is something very unique. Culturecelebrates the and yet allows us to scrutinize them differently. And to see them for what they are. Is one of display simons bestknown works. Even if you have never heard of it you may be familiar with its notorious subject. Kim. Com his megaupload website, which was a haven for pirated contact. Arrested in a raid in new zealand and had his millions of dollars of assets seized. Simon denny suddenly i could watch the tv shows i wanted to watch anymore. Then i heard about this amazing raid in new zealand. Which will correct something out of a james bond film. I made a list of all the things that the court in virginia wants to seize. With that look like if you brought all that together. That is exactly what he did. For the exhibition we never have the real objects. In seizure. Ll we borrow directly from the artists. Here we have a bunch of tires. We couldnt put the full mercedes here on the platform. Other things that are less specific. A statute that could look like anything. Weve had several generations of statue content standing in for that device. It changes on the space, on the venue, on the locale. And thats great because it is a little bit like the distribution of the material itself. When you have streamed content, it is not always the hd version. It could be pixelated and lores. Quebecs like all of simon dennys work, the personal effect is more than what it seems. Touching on the larger issue of power and ownership in the world of technology. Denny an important entrepreneurs collection. Ofis given the extra subset the u. S. Court also identify these things from kims list. A Regulatory Authority and a tech entrepreneur come together to list of the collection. Access information. Who owns what . Who owns information . Who has sovereignty in a world where this crosses National Borders . Simons work very interesting because it is very multilayered. His choices of what he gives you are stimulating. So that it is not visual in the same way that a painting might be. Aesthetically pulls you in. Of, thatual in terms approach is really interesting. It is intelligent without being too dry. Denny i see my craft as a kind of exhibition maker. Something that reads well in a museum or gallery context. And itng you walk into is an exciting thing to look at. If you want to spend the time there are layers of depth that you can go into. You can spend five minutes or two days in the same space and you get a rich experience either way. We turn back the clocks to simons time as an art student. Simon denny is one of the fastest rising artist in the world. York, he is celebrating the launch of his exhibition. Quite impressive from someone who has only left art school a few years ago. He is 32 which is remarkably young to have achieved this incredible profile. He is held in regard not only by critics but he has a massive following among artists. That is always the indicator that someone has a very long them. Ahead of denny i took a long time to get to where i am today. I made landscape paintings in high school. I started experimenting in different media. Video and sculpture. The bodywork that i know and work with today started at that point. His study at the school in frankfurt, that was an incredibly important part of his artistic development. I think it pushed him very hard. It is a very very competitive environment there. For him being based in germany. Berlin is a great place to live. Pot of melting influence. Denny a place where technology was starting to happen as well. Art crossover city in search of a new identity. Artchange in my work and my coincided with me moving to germany because just like leaving your hometown and moving to a new place where theres a different language. I realize that i had a position. It was not the same as everybody elses. That is when i started to make different decisions about what i wanted to show them how i wanted to show. A big change for me was actually when i made a timeline about a conference in munich. Here i have made a kind of whatic timeline that shows happened in its original form. A Graphic Panel for each talk. Andarizing with images visual representations. One of the main speakers had some quotes. Here is john taylor from Durand Durand talking about how ingenuity will always win. A summary of attitudes and opinions and images and voices. The aesthetic feel and experience of what is quite a heady group of days. That exhibition consists of. 9 separately printed canvases the aesthetic is derived from the space of digital design. The laptop computer and the ipad and the tablet and the phone. He has found a way to intersect the kind of ideology that the conference stands for. He had arranged them originally into that of an amusement park. Lines. Als people into denny these people are very powerful influences. How can i communicate . Tech culture is extremely powerful. He has received the International Recognition that he has for his work because he is able to articulate what were all trying to figure out just how weak cold with so much information, how we interpret it, how much is real. How much of it is what we make up . These questions plague our time. Simon denny. It is a way when all the things i was working on Team Together in one neat package. I have been looking at design and text. Ways to integrate research. Al of these things came to point where i felt they were resolved and working in a way which made sense. After the break, simon takes on the biggest art stage in the world. Venice, italy. Fresh from his triumph in new york, simon is here for the biggest show of his career. Here we are in venice. Im here on business for my exhibition. I look forward to walking through in this beautiful sunny day. Simon has chosen to public buildings. As his living canvases. Denny new zealand doesnt have a permanent space. So ive been able to choose two places. Access the knowledge in a different way. Knowledge is the central theme of his exhibition. Snowden, itedward addresses the current debate on thatcy and the revelation new zealand is part of the spying operation called the five eyes. Introduce New Zealanders to the idea that we were involved with this intelligence gathering. Look atnd of a cultural some material that has come out. Here we are in the beautiful march on the library. Built in the renaissance. Allegory for the benefits of acquiring and keeping knowledge. All about the imagery in this library. Of thefirst part exhibition is directly inspired by snowden. Not of deconstruction the content but rather of the graphics used in the slides. This denny his release of information was an eyeopener for the way that the world has interacted with certain parts of government. It was also a visual revelation. That is really important systems visualized and communicated within these powerful places. I tried to look in my exhibition of what these men. Simon denny is a very modern artists who is interested in visual culture. He wants to take those representations, d12 them, and then recode them. To make the rest of us look again at the visual languages surrounding it. Brands anded with now he is working with one of the biggest brands of all, the National Security agency. Some of these were directly commissioned by simon denny. Simon denny his work was used without his permission. That i was going to reinterpret the number of things on his profile. A kind of performance. It makes us think about how it feels to have work that we have used in ways that we are not sure of. That feeling him him to get across in some of his imagery. You can cap think about these issues which are very important. Documents of potentially dangerous behavior. How is it designed . Who drew these graphics . What do they symbolize about the thought processes of these people. Trouble ofo all the tracking down the designer. Our view of this material on its head. A selection ofas visual work to be interpreted. I have very strong responses to the work. There are aspects of it that i sometimes struggle with because it is not beautiful. A lot of it challenges our understandings of taste in terms of visual alley. Is still our world. It is the world that we battle with all the time. How our world is changing. With the digital omnipotence. Are area of agency controlled to we have within that context. Was a very urgent project should be showing. Denny here we are in the marco polo airport. Weve just come over to where the installation is. With you through the secure door. Ere this is the first part of the twopart installation. Simon transplants images of knowledge and power from the library into a space where national and International Boundaries collide. Think the airport is a really exciting space for many reasons. One is never fully aware of the processes that go on when you are entering a space. What keeps a secure . What keeps a city secure . X he has also cleverly used the ze of spaces to represent the publics search for knowledge. Simon denny you cant cross this boundary. Areas get spans across that you can actually access it and evenee it though you can see it. You have to bring quite a lot to the exhibition to really appreciate what is going on. It could be that there is no deeper point and im just making it up because i care so much about this issue. And that is the joy of great art. It speaks to you as an individual and deals with your background. The reading can be constrained by the artist or by the critic. Simon denny ive like to put things on view that let people look at stuff that they are familiar with like the media and. Eople in power and look little closer what those things are. He shows an amazing skill at in our up on trends contemporary culture, particularly how we understand and interact with technology. His concerns are absolutely global. He does any subject he is interested in. He goes full tilt to really push it. Hidden oro us overlooked issues for us to consider. Simon denny theres a publicservice aspect to it. I do want to put things on stage for a second look. I think that is something you can do very effectively in our contest. I think the something audiences are ready for. It is something audiences are ready for. Coming up on bloomberg best, the stories that shape the weekend business. At long last, if it takes Interest Rates office zero balance. Reaction reverberates around the world. Not too hot, not too cold. Just down the center. It is a tragedy, it is a complete joke. Meanwhile its been a typically busy week in Global Business with big deals going down in key numbers going up. Insiders tell us where things are headed in 2016. 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