Hi Team,

I am surprised to see the "Software: Application" group trading today at only a 3.99x P/Sales multiple. Can you please let me know what companies are included? To me that seems to be a Tech subsector with valuations that are extremely stretched, but your data shows the opposite --- trading 4x today vs 13x in the 2000 bubble. Maybe I am wrong or there is something funky going on with the weightings to come to the aggregate 3.99x P/Sales.

Thanks,
Ryan