the senate won't pass it anyway. david: tammy bruce, nick adams, thanks. lou will be back money. be sure and watch me and melissa frances 4:00 p.m. on the fox business network. good night from new york. >> announcer: from the fox studios in new york city. this is mb rrp "wal -- this is a bartiromo on "wall street." maria: thanks for joining us, i'm maria bartiromo. venture capital see you con alan patricof our special guest. adam shapiro standing by in the fox business newsroom with the headlines. reporter: concern over a trade war continued to ramp up. president trump threatened the european union with a 20% tariff on all auto imports into the

united states. the administration is threatening the 20% tariff unless the e.u. scraps its tariff. this comes after europe imposed $3 billion in tariffs on u.s. goods in response to the steel and aluminum tariffs imposed by president trump. $200 billion in chinese goods exported to the united states, if china responds against the previous tar you river on steel and he aluminum. those trade concerns helped drag fall three major indices lower. the supreme court issued a big win for brick and mortar businesses. internet retailers can be required to collect sales taxes even in states where they have

no physical presence. if online sellers like amazon have tax-free sales. anthony kennedy says that loophole costs the state tax revenue every year. the oil cartel decided to boost output. the deal is aimed at bringing down prices which spiked 20% this year as well as to ease concern over a supply crunch. disney topped comcast's offer. disney's all cash offer beat comcast's offer. comcast has no immediate comments if it plans to counter. maria: trade concerns are

fueling the volatility in the market. continued debate over the impact of tariffs on trade partners such as china, the e.u. and canada. joining me, chris overbeck. let me ask you about the broad environment. we are worried about trade and growth. do you see those worries every day? what's your take on how the market responded to all that? >> there is a lot of uncertainty around the trade issue. there is short term issues around trade. i think ultimately the result of this will be changes in spry chains -- in supply chains for many companies. we are seeing that in the stock market but ultimately the desire of the administration from all this is to bring more manufacturing jobs back into the united states which had been

basically on short. maria: that's good for your company. >> we focus on small to medium size enterprises. all of this will help strengthen the united states. maria: here we are six months almost to the day of the passage of the tax reform package. i assume that tax cut was good for those domestic related companies. >> it's hard to say exactly way it's doing. but it's a huge stimulus from individuals to corporations, even corporations buying back their stock. repatriation of off-shore cash. individuals getting higher take-home pay. it's helping confidence and it's one of the most of important fuels for business. maria: do you worry some of that benefit may be beaten by the

trade worries out of the e.u. and canada? >> there will be a lot of short-term implications and dislocations. i think the timing is not so bad for that because we have a growing economy. i think the economy can afford some of that disruption. but the objective of that disruption is longer term strengthening of the under pinnings of the u.s. economy which is having more base core manufacturing brought back to the united states. maria: tell us about air towinga. the stock performed d tell us about air towinga. >> we are. >> we are well positioned. we have a floating rate portfolio. as interest rates rights our revenues go up and our liabilities are dead.

it's mostly fixed rates. we are focused on smaller enterprises that are growing and have greater need for capital. the revenues are increasing as interest rates rise. we are well positioned relative other fixed instruments. if you buy our stock, you are going to get a strong cash flow yield. but unlike buying bond where interest rates go up within it goes down. maria: 8% dividend is strong. >> underneath that dividend we have a large portfolio. we have highly diversified companies. our stock allows you to buy credit investments in the part of the economy that's growing well in a diversified fashion.

chris, it's good to have you on the program. don't go anywhere. alan patricof joins me next. >> announcer: he invested in companies like am and aol before they were household names. where is the venture capital guru looking next? much the sam. but while some push high commission investment products, fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does. and while some advisers are happy to earn commissions from you whether you do well or not, fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management.

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i will. but first, a little presentation. hijacking earth's geothermal energy supply. phase 1. choosing the right drill bit. as long as evil villains reveal their plans, you can count on geico saving folks money. fifteen minutes could save you fifteen percent or more on car insurance. maria: welcome back. my next guest is one of the pioneers in the venture capitalist field. in 1977 echo found apax partners which is one of the world's largest private equity firms. in 2004 patricof stepped back from the daily duties of apax

and found greycroft partners. the firm with about a billion dollars under management. thank you so much for joining us. you are the perfect person to talk about what the heck is going on. this week technology was so strong. a number of the so-called fanning stocks hit ca hitting ae highs. >> the private sector is as strong as i have seen it in all the years i have been in this business. the market -- are we seeing irrational exuberance or overheated market? i can't tell you. if you are young with a good team and look for expansion capital. tough a good concept money will not be your restricting element.

there is a lot of money in the funds that want to invest. the ipo market opened up the last two months. the last four or five deals, up to 500% premiums. the companies get sold in the private market. maria: i gets makes it harder to compete because a lot of people are willing to fund these early companies. >> the reason i ran a billion instead of 41 billion, i went back to my roots, back to the future. i wanted to make sure we would stay a venture firm so we controlled our fund at not being

more than a couple hundred million. it affects how you invest and what your reasonable expectations for exit are. for startup there is a lot of money. but there is a lot of people with money in fund they have to invest. there is exuberance in terms of pricing and people putting perhaps more money into transactions than needed. one of the things that concerns me more than anything else. you are seeing young companies because they can't satisfy the demand of big funds to put money to work, a company one year or two years old, the founders are cashing out to satisfy demand for their stock. it's not all good. maria: does it concern you there is so much money sloshing around

the world maybe we are getting too exuberant? >> so far we haven't seen a dramatic falloff. everyone says we have had 8-9 years of consistent growth. we had about the same in the venture business. i timed it very well starting in 2006 again. and so far everything looks good. and definitely i would not see the same conditions we saw in 2000 and 2001 which were rough times. companies today seem to have better thought out plans, management teams that are morning experiences and tellings advanced. it's a mixed bag. maria: you have been focused on a couple barriers, meet yeah, director consumer and sports technology.

tell us where you see the growth in those areas or any other areas. where is the growth in venture capital? >> every one is interested in cyber warfare, cyber control, and we make investments in that area police the dark web, protecting equipment so it doesn't get penetrated. and it's a very good area. it's hot, but it's also a good thing because a whole new world opened up as a result of all the intrusions and hacking we have seen obviously in the political area to start with. maria: how long before you look for an exit strategy. is it always that these companies go public or do you hold and invest for a long time? >> that's a good question to ask. i think people are confused about that. venture capital in my opinion is a much longer-range business

than people thought. back -- i hate to go back, but in the 70s or 80s you could invest in a company and two years later they could go public with no revenues and no profits. today there is a much more discerning i.p.o. market. you have to be at a certain level of revenue. we believe companies should be capitalized. we don't want capital intensive companies. we want companies that can make it with a reasonable amount of capital raised. every one of our companies that has been sold has been sold in a private transaction. we have had good acquisitions up in the high hundreds of millions. but certainly approaching that we have several portfolios that

will reach that level. maria: stay with us, alan patricof with us this weekend. a lot more when we come back. >> announcer: amazon now wall street's second biggest company in the world. did the supreme court just cast doubt on amazon's potential? "wall street" returns. ♪ you shouldn't be rushed into booking a hotel. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia.

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maria: venture capital icon alan patricof our guest this weekend. the supreme court ruling will allow states to collect sales

tax for online shopping. this is a long time coming for some people. but there is a debate, if you don't have a physical presence you shouldn't pay tax. >> i'm supportive of this decision. it's made it difficult for a lot of physical presence retailers to compete when in your order bag you start out with an 8% or whatever the sales tax rates are. the logic behind it, it's like an outdated law or allowance that should have been changed a long time ago. maria: at a department type when online shopping wasn't luke it is today. >> online shopping is 40% of all retailing today. i was walking up lexington avenue in new york last night. five blocks. and i will tell you 50% to 60%

of thers to are empty. if you go around the country and go to shopping malls. the impact of online internet buying direct to consumer, and we are participating in it. we invested a lot of money in a lot of companies online. it decimated the whole neighborhood aspect. and even how people used to date, they used the telephone and called someone. now they use online dating. that affects sales taxes. but it's how interaction was so didn't going into your local waste was. people lost a lot of that. i think this is one component of sales tax. i think a lot of local retailers

will be -- will warmly greet that. maria: you said you were walk and all these shops were out of business. what does that say about the economy? we are getting good numbers, virtual full employment. growth being talked about up to 4% in the next year or so. federal reserve has the second quarter. are you seeing that from your vantage point? >> it's interesting. from the standpoint of the copies. i did by went on the show just for the fun of it. i did a random, we have 140 companies. i sent it out to 20 companies. i said what is the impact of the companies and the tariffs. what's the impact of immigration. venture capital companies don't borrow money, so they don't mean anything. most of of them are dealing with

u.s.-based activities so that does it. the only thing that concerns them. and they don't spend that much time focused on politics. the only thing that has some impact from the reaction i got which i would have expected was the immigration issue and the ability to have employees at a lower salary level, and the higher level with the visas hat have been readily available up until now. other than that, i would say venture-type investments -- most of our companies are growing at 50% a year. not that we are so special. that's the nature of the companies venture capitalists invest in. even if the economy is softer. so 40% instead of 50% in this environment. maria: alan, good to see you.

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hilarious. with claim-free rewards. switching to allstate is worth it. maria: time for a look at some of the big market events that could impact your money. we'll get the numbers for the month of may on new home sales. we also get the latest earnings from carnival. tuesday the consumer confidence report is out. we'll get earnings from home builders lanar included. numbers on durable goods as well as pending home sales. next week is a huge week for walgreens. tuesday it will be added to the dow jones trim average. it replaces general electric.

that happens tuesday. we'll get the latest gdp report as well. we want to know what the gdp is doing now. we will have earnings from nike and kb home. the main numbers for personal income and constellation brands. we may see peter strzok, the fbi agent testify on the political front. the house is expected to hold a hearing on sports betting. and peter strzok may testify next week. we are waiting for an answer from him. be sure top catch "wall street" every week on fridays. we have a great show this weekend on "sunday morning futures" *. weekdays tune in for "mornings

with maria." follow this program on facebook and twitter and instagram. get latest video and pictures from the program. thanks so much for being with me. i will see you again next time. and living in las vegas, ground zero for the american real-estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates of properties you have to see to believe.