The bare market of 2001 and 2002 were a consequence of all the IPOs in 99, 2000.

And then as they unlocked, you just had this never-ending.

Cascade of selling.

That's a great way of putting it.

And we're getting ready.

I want to say that the contemplated IPOs the next year are going to be 5, 6% of market cap. So why are we where we are right now? Because we've been retiring 2% of market cap. Probably led to less than 2% of market cap every year without fail for the past 10 years.

Through buybacks and things like this.

Through buybacks.

And so now all of a sudden you're going to completely reverse that math.

And so I don't think it necessarily happens instantaneously with the IIPOs, but then there'll be the unlocks.

So you can see a situation where, okay, maybe go through some kind of rolling top,

and then 18 months from now, six months, we'll have to look at the buyback, the unlocked schedule.

But you're going to want to watch those because that'll just be adding equity supply.

And you've already going to be diminishing the buybacks because of all the commitment to

CAPEX and the hyper-scaleers.

They're already going to be eating into their cash flow.

So I think that's why tech has dogged it and why it will continue to dogged because

all the funding, much of the funding for

these ipos is going to get's going to come out of existing tech stocks this is the primal scream

of a dying regime pray for our enemies because we're going to medieval on these people

here's not got a free shot all these networks lying about the people.

The people have had a belly full of it.

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