For us, whether the market is skewed from a bubble perspective or not really is mitigated by staying focused on what we do best.

We are staying very focused on our 12-34 demographic. Twelve to 34 is and always will remain our core target.

The most important thing for us is investing and making companies great, and then they have all the options they want, whether that's to go public or stay private.

I think there are a lot of companies that are staying private longer. Much more of their growth is happening while they are on the private side. So their valuations are hitting $1 billion while they are still private more often.

We reviewed our process at Greylock and discovered that the best investments are non-obvious enough that they result in a mixed vote by our partnership.

We listen to the entrepreneur. We try to have a fine tuning fork to understand what they are saying and whether that makes sense and know it when we see it. We don't try to do too much predicting.