The Green Flags of a Potential M&A Market

The big difference this year, I think relative to others is we finally have a differential in trading performance vis-a-vis the large caps or the small caps. So that's investment theme number one where the sum of the companies fit within the broad portfolios of some of the large cap strategics. That obviously lends itself very well to things like precision oncology and rare disease. And then within within other areas there's clearly been a bit of a renaissance within T&F. We all remember myocardial forging nude ground when they went public around precision cardiovascular medicine. You're starting to see clinical readouts that are beating historical standards in a really pronounced way because of how these studies are