tom: bill janeway with warburg pincus with us.conversation iowa, terryernor of branstad. i think that will be a little bit on fire. can he support mr. trump of new york? look for that later today on bloomberg . good morning. ♪ tom: quiet markets away from the m&a this morning. -- even theport mexican peso is stronger this morning. all of the hydrocarbons stronger, in the end showing strength as well. stephanie ruhle, what do you have this morning? stephanie: we are following some of the big corporate stories this morning. as you mentioned earlier, dow and dupont, two big american companies are possibly merging. mercer mayer and yahoo! continue to be under fire. -- marissa down mayer and yahoo! continue to be under fire. what does it mean for a big agricultural state like iowa? tom: stephanie ruhle, thank you so much. looking forward to that on "bloomberg ." --ncine: six days to go actually, seven and counting -- from when the fed will decide the next interest rate decision. janeway firmware berdych is still here. do they h

joining us now to discuss all of warburg pincus senior adviser bill janeway, a longtime tech investorwrote a book on the academy -- on capitalism and the economy. good to have you here. the big debate, how much are these unicorns worth? what do you make of fidelity valuations? mr. janeway: fidelity is struggling with having the market on the one hand, the real market on the one hand, and these investments in private they pay where extraordinary valuations along with other professional investors who typically cash market investors, not market. betty: this is a new thing, right? mr. janeway: bubbles will always be with us. there will always be momentum investing and herding behavior. you can identify the signature to when you are in a bubble. that is when the price goes up, demand increases instead of decreases. that's what's happened to the unicorns. the valley -- the value of these private placements has gone up to tens and billions of dollars over the last three years. isn't it through that these fidelity's over the world, not only are they marking up valuations, but are also asking