Shanali, it is great to see you. I want to get right into the leading indicator of private markets for public markets.

I'm not really sure what to look at when this comes up as a topic. But what are you seeing right now.

No, private markets are really important to watch, especially when you think about what's happening in technology.

So I think a lot of people talk about the negatives, software, what have you.

But let's talk about everything that happened

2022 onwards. Post-chat TPT, post that moment when we saw that precipitous rise in interest rates

following inflation, you saw private markets react pretty heavily. So what are we seeing now?

I think that the discipline you're seeing in private markets, when you're seeing dollars

put into the ground for new technology investments, it's a really important thing to watch.

I'll give you one example, Vista.

Vista is talking about this thing called Rule of 70.

Why does that matter?

Rule of 70 is your profit growth and your revenue growth adding up to 40 is used to be rule of 40,

right? Have you ever heard of this before? Very vaguely. Oh, well, you know, if you're a CFO of a

company, a lot of CFOs will want to operate by that rule of 40 standard as it pertains to

their revenue growth and their profit growth. But if you have one big money manager and now more and more

of them saying, actually, it's rule of 70, then one of two things have to happen within the

companies that new investors are putting dollars into. Either your revenue grows faster or your

profit grows faster to the tune of that rule of 70. Now, if you think about what that means is

for public markets, can you imagine

if more and more investors start to demand a rule of 70? You are putting a lot more pressure

on public market companies to deliver either faster revenue growth or faster profit growth.

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