Jason Kelly, Bloomberg's New York bureau chief, joins Ed Hammond to talk about the booming M&A market, which passed $150 billion in the first three weeks of the year for the first time since 2000. But despite the strong start, it's not all rosy for some of the world's largest private equity funds as they hunt for takeovers amid soaring equity valuations and fierce competition. The two also look at the latest big activist investor attack on the retailer Lowe's and dig into the news that superstar hedge-funder manager Bill Ackman is laying off staff after another tough year at his Pershing Square Capital Management and will spend less time with investors.