The J curve is the theory behind it that when you start deploying a new fund, you're drawing fees down to pay for the firm and the investments you've made have not been marked up yet. But then what happens is you start getting markups and now, at least on paper, the value of the fund goes up. If the companies are looking good, at least historically that was the case. Just because the asset prices of the shares in companies has gone down does not mean that the quality of the businesses has changed or that there isn't fundamental value being created in Silicon Valley. In fact, the contrary point to Saks's comment is that it is a great time to be buying