All Companies Are in the Tech Business Now

(Bloomberg) -- Stop thinking about technology as something separate and apart from other companies or industries. Today, every company is in the tech business, thanks in part to the huge processing power  and ubiquity of the everyone’s always-connected mobile phone. Because of what all that computing power can do, the distinction between companies that make tech and those that use it is becoming irrelevant, says Benedict Evans of Andreessen Horowitz, this week's guest on Masters in Business.

Evans, who joined the venture capital firm in 2014 after working as a research analyst covering the media and tech industries, also explains why valuations matter so much less in venture capital than in public markets. The expectations are that most of the investments will net little if anything. The model is to find that one investment that will pay for all the ones that fail.

His favorite books are cited here; our conversation transcript is published here.

You can stream/download the full conversation, including the podcast extras on iTunesBloomberg and Overcast. Our earlier podcasts can all be found on iTunesSoundcloudOvercast and Bloomberg.

Next week, we speak with famed short seller Jim Chanos, president and founder of Kynikos Associates Ltd.

To contact the author of this story: Barry Ritholtz at

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