Alphabet CFO Ruth Porat talks with Recode's Kara Swisher about how she manages spending on search and "other bets" inside of the Google parent company. Porat says clear data should inform leadership decisions and that investing too little in some areas can be as harmful as investing too much. She explains how and why Alphabet is investing in the smart home, life sciences, cloud computing and self-driving cars. The biggest risk to Google as advertising continues to drive the vast majority of Alphabet's revenue, Porat notes, is "complacency" about what's next.

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