Interesting analysis, Daniel, but one key point that I feel has been missing from many analyses has been the role of private equity. These groups have focused on smaller companies (very few private equity groups have the resources to take very large companies private, after all), owned them for a few years, and attempted to reintroduce them to public markets when they feel they can extract the maximum premium. This might echo the leveraged buyouts of the 80s, where the small cap premium reduced and then evaporated in your exhibit 1. I do not know if that played enough of a role, but it would seem that the managers for LBOs would only participate if they thought they could make more, just like private equity now. Interested in your thoughts.