Other than the fact that we’re due for one, this one is differently shaped in that there isn’t really widespread “irrational exuberance” and constant reporting about AI fortunes. I think your general investor is quite skeptical about AI and worries about exposure in their portfolio. Sure there is plenty of irrationality happening, but there is also a lot of real growth and changes in assumptions. Like the job market is way stronger than expected for even AI-threatened sectors (not entirely and I’m sorry if this affects your circles) but like we’re really just getting started here. I don’t think AI in today’s form will be the same as this time next year and that real growth is just beginning. All of the destruction of value that PE has wrought will only serve to motivate a new generation of entrepreneurs to build fundamentally better, more nimble and customer-oriented institutions.