Private Equity - Is There a Black Swan Economic Event?

In the absence of a black swan economic event, there is nothing fundamentally broken in the private equity industry right now. Most deal makers that we speak with are so optimistic that they feel if anything happens to disrupt deal markets for the long term, it'll be a geopolitical factor. There are many more interesting topics in the report, trends that I would call leading edge rather than leading edge because we're really trying to peer farther out into the future.