The Threat to Technology in 2022

The threat to technology is actually a booming economy in the next several quarters. If we continue to see some tailwinds from things like AI, you could perhaps justify the multiple expansion that we've seen in technology. But I think it's that the denominator effect, you have to understand where rates are going to top out and if they're topping out at this level,. Then you start to reset your expectations for valuation in the next couple of years.