So what's going on there?

I think you're seeing just a normal life cycle through at supply chain where you've got just an inordinate level of demand.

You're seeing an entire economy or global economy being driven by this enormous capital spend.

What does that mean? Well, someone, that capital is being bought buying services or widgets, and then there's, as a consequence, the supply chain around those widgets.

Some can respond to that demand, some can't, and so prices go materially up.

So what you're seeing with memory, for example, is margin and pricing going through the roof because demand is so high so it's just movements around a supply chain which will balance out over time but you're as a consequence you just have to be a little bit more careful or discerning on what you own in the supply chain and

What do you think is going to be the conclusion?

I think the conclusion is that bubbles last a long time, a very long time, and we're early into years and years of capital spend.

I mean, there are nuances,

don't get me wrong.

Evergreen vehicles I actually like.

And the reason I like them is from actual returns for the capital that you've actually attached to that investment.

often evergreen are aligned to or slightly above drawdown vehicles.

And the reason for that is because if you are in a drawdown vehicle, you need to put the capital that you've agreed for the capital calls separated.

And so there's a drag on that.

What have you brought for