Jay Poe

Let me just make these personal commentaries here.

I think not only is their engagement just continuing to grow.

They're going to have 150 million MAUs.

multi-active users end of this year and that I think is just going to keep growing.

I think what has led the way is the examples that Facebook, Twitter have led in terms of the possibilities around advertising.

I know Pinterest is looking into video.

I think video now is a huge space but Pinterest is learning quickly that that is an emerging area for opportunities and are going to roll out advertisements through video which is going to be very lucrative.

I think Apple and Google have led the way with buy buttons and Amazon, of course, with being able to buy instantaneously.

And given that Pinterest has a huge consumer focus around brands, that is just money-making right there in terms of being able to just buy right when you see it.

And I think the combination of user engagement with the monetization around advertising as well as buying, that just is one plus one equals three there.

So we like to invest when companies are not really looking to raise, whereas I think an entrepreneur, rightly so, would try to delay raising until they absolutely need it.

But, you know, I think there's a lot of different...

Yeah, I mean, that's a great question.

And I think Pinterest is, at least from my standpoint, they're not really thinking about that pricing yet.

I mean, I'm sure that it's in the back of mind.

But at this point, I think it's continuing to make sure that they execute on their current strategy.

And then pricing, of course, I think that's going to be another whole...

involvement with lawyers, with bankers and whatnot about how to price JP Morgan, Morgan Stanley, all those guys who jump in here and I definitely won't have a say in that.

But I think you're right.

I think that's a big worry on behalf of both the venture side and I think shareholders of the company as to where to price and how to price relative to where you think bankers and investors are going to perceive Pinterest's future cash flows from a public market standpoint.