The Market Is Changing, Is It Changing?

We've seen valuations come down by 20 to 30 % in the early states series e particular. It always takes a while for the chain to back to seat, because when you see the public markets change, we'll guess what,. The late stage marke changes first, then it's the mid stage, thenIt's the early stage. And seat is the last in that line, there is a lot of dry powder. But that doesn't mean the dry powder will be spent as quickly. I think we'll go back to two to three year deployment periods, and during which the bar is going to be higher at first, or less deals. Eventually valuations will start to reduce as