Hello Vernon,

If I hear you correctly you are saying you see a regulatory continuum at play here, with one side bounded by too much regulation, and the other side bounded by too little regulation; and both extremes lead to a decline in equity listings. Did I get that right?

Regarding the move to statism. I wonder if you would mind sharing when you believe that started happening. We could then compare that to the data.

Thanks again for sharing your point of view with readers.

With smiles,

Jason