Bill Cohan joins Peter to make sense of an I.P.O. market that may be in way over its head. He discusses Bending Spoons, whose portfolio of old internet companies just went public at 35 times EBITDA, and Jersey Mike’s, the popular sandwich chain gunning for a $12 billion valuation. Bill explains why both are probably overvalued and evidence that Wall Street banks are willing to sell anything for a quick buck.