The Role of Profitability in the Market

A lot of the high growth names are driving that rule of 40 metric based on growth rather than profitability, what we saw over the past couple of years. So in an increasing interest rate environment, you can't continue to burn cash, issue stock, to pay for your losses. You need to be a little more measured in what it is. And again, just understand to the audience, like David was covering public software companies two years ago, he was sitting with these management teams covering these stocks. I mean, this, none of this is a surprise to him.