The Maturity Cliff and the Impact on Profitability

I think that we saw over the past couple of years, excessive focus on growth, because that was how you expanded your multiple. So now it's changed. The opportunity cost of funding losses today depends on the money market interest rates. And so this again has changed and it's put a premium on an ability to generate free cash flow today. But if we've got these high quality companies with a little bit or a lot bit of a bad capital structure, many of them will then, by focusing on profitability rather than growth, managed to get to a more manageable setup.