How Important Is It to Start a Marginal Investment Block Sooner Than Later?

I think there's trends in terms of valuations that keep going up and down. I mean, Boston companies have a very rich valuation. New York isn't very edge, fortunately, but they're trying to get there. And looking at the exit, there needs to be a reasonable return that you can get based on evaluation that you're currently looking at. We've got so much to write around high, write around low. It's as an investor, how important is to start that block?