Reed Albergotti discusses Nest and its struggles and what that says about the broader hardware industry.

Cory joins as co-host and we talk about why people in San Francisco's city government are addicted to encrypted messaging app Telegram. Tom explains why Snapchat's vesting schedule isn't exactly employee friendly.

Stephen on Slack's funding round. Cory on Facebook's ad tech about face. And Tom plays an outtake of his interview with podcaster Marc Maron.

Jessica Lessin explains what’s wrong with most mergers. Then Cory Weinberg and Jessica discuss what’s coming at F8, Facebook’s developer conference (e commerce in messenger).

Stephen came back from Seattle to talk about the wonders of Amazon's retail store and how it serves its data gathering needs. Tom delves into Verizon's big spending ways for go90 and the company's hopes of succeeding with it.

Steve explains how the tanking of subscription software companies on the public markets has caused investors to reexamine private company valuations. Cory talks about Mobile World Congress. And we all talk Apple's privacy stance.

Alfred sheds some light on how mutual funds and other big investors really come up with their valuations for private tech companies. And Cory talks about the shift in Silicon Valley talent away from startups and toward the behemoths like Facebook and Google.

Stephen talks about Github and the internal fight between people pushing for more enterprise clients and those loyal to the developer-centric mindset. Amir talks about what works and what doesn't in Twitter's ad business.

Jessica talks about down rounds and why even an "employee friendly" one is still bad news for employees with equity. Tom talks about Snapchat's app install ads, and Reed discusses the "ticking time bomb" of 409A valuations.

The Information's 411 - "Heartstrings" by The Information