Heard an interesting take on the unicorn state of play this weekend on Barry Ritholz&#x27;s Masters in Business podcast. William Janeway (Warburg Pincus) thinks there is definitely a unicorn bubble going on, but just like the railroad bubble in the 1800&#x27;s and the automobile bubble in the early 1900&#x27;s and the PC bubble in the late &#x27;70s and early &#x27;80s and the Internet bubble in the &#x27;90s it will end with a lot of people losing money, quite a few making money, and a lot of companies going out of business, but with a lot of survivors and a lot of infrastructure that will fuel ongoing progress, and that this is a good thing on balance. His belief is that equity bubbles are a lot less dangerous than credit-fueled bubbles like the housing bubbles of the &#x27;00s.