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We're not trying to lowball or be sharks, we're trying to apply what we think is the appropriate fair market value — even in a market where other investors may be willing to pay much higher.
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We are still, certainly, majority dry powder, and we continue to be thinking in terms of years, not months.
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Midway through last year, I think the music had stopped, but some people were able to keep on dancing for longer than others.
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We wanted to slow the pace down quite a bit relative to what was in vogue at the time.
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To the extent you find yourself in a position to deploy a lot of your fund in a market that's actually underheated or overly pessimistic relative to progress being made, that's a really nice time to be able to invest.