Yes. And something i think were going to be talking about a lot today. And probably into the week. This rebound in growth tech stocks weve seen throughout february and continuing into march. Some of these netflix up about 20 off the lows, i believe. Workday at 48. Now around 73, i think. At least where it opened. You go on down the line. Linkedin is up 15, 20 from where it was at the lows after earnings. It seemed like investors were backing away from these Growth Stocks and the idea they were not growing as quickly as expected, particularly in the cloud and sas arena. But look, theyre coming back. At least somewhat. It will be interesting to see different perspectives on whether thats going to have legs. Were sort of in the in between. Q4 and q1 reporting periods, some more convinced this is not a sustainable rally, argue that wait until we get those q1 reporting figures and some may dissipate, but time will tell. In the meanwhile, weve got to watch politics, as well. The con tenuous democratic debate in flint, michigan. Take a listen. I voted to save the auto industry. He voted against the money that ended up saving the auto industry. I think that is a pretty big difference. Well, i if you are talking about the wall street bailout, where some of your friends destroyed this economy you know excuse me, im talking. Let him respond. Speaking of the election, as the field win owes, were learning more and more about who is backing the remaining candidates. Hey, amen. Hi, carl, ruthlessly limiting, time to take a look at which money men are still in the running here. Look at the backers for the super pacs behind remaining candidates. Starting with senator ted cruz. A couple of big names backing him. Robert mercer, the Computer Scientist and Hedge Fund Manager from renaissance technologies. Dan and Farris Wilkes with frac tech. Marlene rickets, and john childs all backing ted cruz. Theyre all still in the running here. Looking at john kasich, you see an ohio concentration of wealth backing his candidacy. Greg went, mark kvamme, Abigail Wexner and john mcconnell. And also marco rubio. You get a florida connection there, as well. And a big National Connection with Larry Ellison of oracle. Laura pea laura pearl mutter, and Norman Braman and Hillary Clinton has big names backing her. Hiam saban, steven spielberg, mark hooising and david shaw. So, guys, a lot of big money players still in this race here. And then one of the Big Questions for a lot of the people who backed those candidates now eliminated, do they pick a new horse or sit out the cycle . Some decisions to be made here, guys. And to be made soon, eamon, as we get closer and closer to the 15th. We welcome paul holland, foundation capital. Paul held a meeting last week with top voices from the valley. Great to have you back. We know the valley is traditionally blue. Any reason to think its going to be different this cycle . No, im afraid not. Thats not likely to change. One of the things we have seen, of course, over the last several elections, youve got really kind of some different kind of candidates. You know, Hillary Clinton has done a very good job of forming relationships out here. The clintons are wellrespected. I think they did well by the tech economy. The republican situation is obviously kind of like a broken field situation in football. So everybody is watching that. As you know, we gathered together about 40 people from the Silicon Valley at our home with my wife, my colleague, meg sloan and tim dyson. And we had a very spirited discussion, but it was incredibly cordial. We had about a third of the people there were right of center. A third of the people were probably in the center. Roughly a third women. Some very interesting points of view. Five major religions represented in the room. New york times, buzz feed, our local people. And we had Nbc Universal that was in attendance. A terrific session, very meaty. Lots of content. But i just have to say, at the end of the day, it was hard to keep the discussion from veering towards donald trump. Hes like a car wreck. Its hard to take your eyes off of him. Paul, what is the trump effect on the somewhat conservative kind of libertarianleaning group in Silicon Valley . Are they going to sit this one out because they dont have if trump gets the nomination, as it appears he might, they dont have a candidate who reflects their views, or might they actually financially back Hillary Clinton . So i think theres an interesting thing here. We put this form together, took about a week to put it together. I reached out to nearly 100 people. I couldnt find a Single Person who would speak for either donald trump or ted cruz. Here in the valley. I tried. There were some folks that kind of off the record were interested, but they just werent interested in coming on the record to do that. I think trump is an enigma. I dont know what were going to get. Of course,el california is not contested, so we dont see of the ads you guys see in other states. So what i think were going to see is that once hes out here and starts paying attention, im sure hell have his fans, im sure hell have some people interested. But i just have to say that the valley is an incredibly diverse place. One of my partners is mexicanamerican. I just think its a tough sell to come here and to really sort of preach to people this notion of closing the borders and intolerance and things like that. Its really the anathema to the way the valley works. If it trump gets the nomination on the gop side, are you going to put your money behind Hillary Clinton . Well, i actually dont im not going to talk about my preferences from that perspective. But in terms of what i think is going to happen here, my suspicion is that Hillary Clinton will do very well in the Silicon Valley. Its not a layup. I dont think its a layup anywhere, because i think one of the challenges one of the things that came out of our forum was this notion that over the last five or six president ial elections, the candidate with the most charisma ended up winning. So i dont think you can discount trump from that perspective and i think thats a place where Hillary Clinton needs some work. But if you put that aside, when you look at the long relationship of the clintons, here in the valley and the sort of the leanings of the folks running the Large Companies here, i think shell end up doing quite well. But i wouldnt discount the fact that trump will pick up more votes than people realize, just simply because hes a phenomenon. Certainly immigration is going to be a huge issue a long with security. That brings us to this next story. Apple vp craig if i had receipty criticizing the fbi in the iphone case, creating a back door for the phone saying it would become a weakness that hackers and criminals can use to wreak havoc on the personal safety of us all. For the first time ever, mac users were targeted by hackers in a ransomware attack, a type of software that steals your data, encrypts it and asks you to pay a ransom to get it back. Are you noticing, paul, any shift in apples rhetoric . Do they fee like the wind is at their back . I wouldnt say i see anything different. Apple has been very consistent over literally decades in terms of their approach to security. They have built essentially their own system, and it makes it really one of the most highly secure systems in the world. You hardly ever hear about anybodys iphone getting hacked or whatever might happen to be versus their pc or other systems much more open. So i dont think were going to see a big change out of apple from that perspective. I would say, when you go more broadly into things like this ransom ware business, you know, security is the gift that keeps on giving in the Silicon Valley. There is always a need for a new startup. There is always a need. Because think about it this way. All of the money in the world is now flowing through software. So that means all of the criminals in the world are going to have to learn how to steal that money from the software, and thats really the heart of what drives the security business in the Silicon Valley. Carl, two things jumped out at me about craigs oped here in the post. One was he set up the argument that if your security fails in your phone, it puts your family and friends and coworkers at risk, extending the its not just about one phone argument. He also says yesterdays best defenses cannot fend off the attacks of today or tomorrow. The innovations have to continue, hes arguing, basically saying not only cant we go backwards to ios 7s protections but cant stand still. Hes signalling, were going to he keep building stronger encryption protections into the operating system going forward, expect us to do that, because its good for you. Right. Paul, he makes that point, that the race against the hackers is a race you can lead. You can be leading that race, but you cant necessarily or ever win it. Thats correct. And just think about it this way. The iphone is one of the most successful products in the history of mankind. If we dont use it, we use one of the knockoffs. But the whole notion of the mobile phone economy has been absolutely amazing. Do you really want to put the decisionmaking around that economy in the hands of the government . I think what youre going to see at that point is just the slow down in decision making, and the lack of competitiveness is just going to make it wide open for other people to come in. And i think ultimately, it will make the system weaker. Finally, big weekend for netflix, guys. The premier of house of cards. Check out this statistic. According to a report, netflix was responsible for a more than 50 drop in viewership time of u. S. Tv viewing last year. Netflix still down about 12 in 2016. But up about 20 in the last month. Its almost become a seasonal factor for these guys. How well is house of cards going to do . We now find ourselves with art imitating reality. We have a house of cards election. Not the house of cards tv show, an election. Its amazing how impressive these guys are, the writers of these shows and so forth. I was in new york over the weekend, and i interacted with some folks i know in the media world. The ads are up for president underwood and all these sorts of things. So i think theyre going to take i lot of the oxygen out of the room for Traditional Television for a while to come. But, of course, you know this. This trend has been going on now for the last decade or so. And, of course, we funded netflix back in 1999. But weve been watching this go on for some time. I have three teenaged daughters. Other than me watching the Golden State Warriors on tv, my television doesnt go on. My kids dont watch television. Three teenagers. All theyre watching is on screen one, two, three. Its their phone, homework, supposedly on their computer. And its these other devices that theyre now absorbing this information. And, of course, netflix is one of their top destinations. A number of growth tech stocks are up 20 or better off some lows we saw in february. Is that significant, or is that just the wind blows here and there in the market . Is it having an impact at your level, the vc level, on how you view the sense and health of the overall tech market . Well, its interesting you say this. Ive had a debate internally, even at foundation capital, with some of our partners there around is this sort of a bear market bounce or are we starting to see some renewed momentum in some of the Growth Stocks . I think there is a phenomenon thats occurred many, many times over the last, say, 40 years with the Silicon Valley. And one of those is you get a whole new crop of players that come out and get into the Public Markets and theyre all looking really exciting. And then all of a sudden a year or two or three years into it, some dont look as exciting any more. Some dont have the stamina or staying power of a netflix or other players. And so i think certainly were going to see some of that, some of that winnowing thats going to happen. Then when you look back, some of the companies in fact, some that were in, are up 50 over the last, say, probably two or three weeks. As they have started to come back from this. And so i think the ones that are going to be the long sdansz distance runners, you can bet on those over the longer period of time. And i think thats some of the stuff were going to see now. Youre going to separate the wheat from the chaff. Paul, good to talk to you as always. Go warriors. Well see you next time. Thank you, guys, very much. Take care. And we do want to check on the markets right now. All of the major indexes stra d trading well off the lows. The dow is in the black, up just over 26 points. The s p and nasdaq in the negative. But not nearly as bad as they were in the opening minutes of the session. Also, check out oil. Currently trading at twomonth highs, up around lets see. 37 a barrel. Up better than 3 . Shares of Seagate Technology also in the green after employees were hit by a fishing attack, exposing their w 2 information, which includes, of course, Social Security numbers, also salary info. The disk drive maker says it immediately informed the irs of that issue, carl. All right. When we come back, Hillary Clinton on her tax plan, and donald trump, more of her exclusive interview with john harwo harwood. And conventional tv viewing continues to fall. Well tell you if those numbers may turn around any time soon. And after 18 years, Peyton Manning announcing his retirement well talk about his career and the future of the nfl with super agent Drew Rosenhaus, in a moment. The future belongs to the fast. And to help you accelerate, weve created a new company. One totally focused on whats next for your business. The True Partnership where people,technology and ideas push everyone forward. Accelerating innovation. Accelerating transformation. Accelerating next. Hewlett packard enterprise. A lively debate between Hillary Clinton and Bernie Sanders last night in michigan. Relatively speaking, of course. So where does she stand on taxes and donald trump . Our john harwood spoke to her exclusively and joins us with more. John. John, you know, the debate last night reflected my conversation with Hillary Clinton. When youre Bernie Sanders and youre the chaer, you can swing for the fences and talk about a political revolution. And youre the front runner like Hillary Clinton, you can strain yourself, at least she is, by what she thinks is actually possible. Ive gone as far as i think the political, you know, equation will sustain. I agree. So thats not a substantive thing. That is a political calculation. Well, it has to be both. I want to propose things i can get done. The president of the minneapolis fed said, you know what, we should break up the big banks. Thats what Bernie Sanders has called for. If a statewide republican candidate in california, former goldman sachs, thinks thats a good idea, why dont you . I havent said that it wasnt a good idea. Im on record, john, as saying we now have the tools under dodd frank, tools that did not exist prior to are you proposing like sanders to break up the big banks . I am proposing we follow the law. We have a process under dodd frank. If youre talking about the winddown process. Yes, if any bank proposes a Systemic Risk, it can be broken up. Sanders wants to do it preemptively. Well, but we have a law. You know what, we are a nation of laws. We have passed a law which sets forth a process. Now, you know, if you want to claim you can do it without following the law, that seems pretty radical to me. But what i have said is, i would support breaking up any bank that posed a Systemic Risk to the economy and we have a process now in place, thanks to dodd frank, thanks to president obama. We have got the tools. My opponent acts like hes going to create this. We passed a law. And the law gave us the tools. And if we meet the criteria, we should act. And im committed to acting. When you run for president , and were seeing it very much in the other side, people make all these claims. And its hard for voters to really evaluate, how do they decide . Is this person, you know, being smart, are they just overpromising, are they way out in left field or right field . Who knows. Thats why ive tried to say, look, heres what i will do. Heres how i will do it. Heres how much it will cost. I think thats pretty revolutionary. Because i want us to get back to having elections that are about agendas. Now on taxes, Hillary Clinton says her 4 surtax would start at income of 5 million, because thats where the real money is. And as for donald trump, she says she is not nervous about the prospect of an unpredictable campaign against him. Saying republicans have been after me for years. Shes ready for that, guys. John, it struck me in your conversation, Hillary Clinton sounded utterly reasonable and calculating. An election like none i can remember in recent times where a lot is about red meat as far as what trump is saying to his base, what sanders is saying to his. Is that hurting Hillary Clinton . Well, Bernie Sanders has got some energy by inspiring, especially young people, more than Hillary Clinton has