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Hi there.

This is Scott Cooper, and I'm here with Morgan Bender and Benedict Evans.

And we wanted to talk to you a little bit about the bubble, the environment, what's

happening in technology.

And maybe we'll kick it off.

And Benedict, maybe you can start with, you know, we put out this slide deck on Monday, I think,

and we'd love to kind of just hear from you, I guess, to start off, like, what was your thinking behind why this was important information? Why did it make sense to actually

spend the time to go pull this together? Well, I felt like I'd seen a lot of people cherry-picking

numbers almost at random and making assertions about where we were right now, again, without

actually sitting and running the data.

And I felt like, you know, we're in this progression, particularly of a growth of seed funds and a growth of late stage investing.

And I wanted to just sort of sit and see, okay, what looks, what does a venture investing in tech look like?

What does investing in tech look like? What does investing in tech look like

since 1950 or 1960 or 1970 with venture funding and IPO funding stacked on top of each other

and adjusted for inflation and actually done properly? And let's go and see what's happened.

And then let's go in and dig into all of

these different trends and actually see what the numbers are. Because it's only when you actually

know what the numbers look like over time that you can then work out what you think about them.

...