Is There a Macro View of the Venture Industry?

The common thinking was these kind of deals were not going to happen in this kind of a market. So when you saw this kind of deal happen or some other that we've talked about privately, what do you think is happening in terms of discipline, the private markets? Maybe you should ask him and then I'll jump in afterwards. This is the TV, TV PI study. We share this with our investors at our investor day that you guys are at this week. It's only been around since the mid 90s. Right.