Matthew Weir

Interesting.

Yeah, we do think that there should be some concern about the software sector.

This, though, is reminding us of a few episodes historically, whether it was the global financial crisis and there were concerns about the U.S.

financial sector and existential concerns.

If we go back to COVID, there are concerns about the office real estate sector and whether it was dead.

We don't think this time is different.

Investors, unfortunately, tend to move in mass, especially when pessimism takes over.

We think this time is no different.

Reality is probably somewhere in between what we've seen in terms of the status quo and the existential concerns that investors have.

We think of this more as an evolution of the sector.

There's certainly a competitive risk, but we certainly don't think that this is an existential one where there's so much focus on the terminal value.

We think these are absolutely very competitive companies that will continue to evolve over time.

Yeah, we're very focused on Iran.

It's terrible from a humanity standpoint.

I think, though, we would focus, though, on from an investment standpoint that this resembles what typically happens when there's a geopolitical shock.

Over the near term, there is a reaction by financial markets.

What we've seen historically and specifically, we've looked at the last 40 years.

There are 21 airstrikes in terms of the U.S.

in the Middle East, and we do see some patterns emerge.

The first is that the initial reaction in markets is that risky assets like equities initially sell off.