What's Going on in the Private Sector?

In public markets it really started maybe in a november, when the markets started sort of leaning. And then in january, they really crashed. On the private side, there were two or three things that really suggested that things were getting kind of unstable. You'd see people am selling at every single round. There's an incentive to continue to raising money at higher and higher rounds. So all the incentives were alined to have things move at a faster pace than haps was merited by the underlying companies.