The Volatility Around Silicon Valley Bank Collapse

I think we had a false dawn in Q1 where we felt things were coming back and then we got slammed by S.P.V., I think Q2 will prove to be the low. What we're seeing ourselves and with my colleagues across the venture and growth markets is things are really picking up. If we looked at our own portfolio, well simple or Albert, which are direct to consumer businesses, they've never been stronger. They're profitable and their customer acquisition costs are really contracting as there's just less competition in the market. So it does feel a lot better.