I think this chart is not that helpful, because this is all unprofitable software companies. So I think the more important thing is to look at the broad-based index. The thing with these companies is that even if rates are at 6% or 3% or 2% or 1%, that trick is over. These companies are not going to get out of this cul-de-sac until they figure out true product-market fit, how to eliminate churn, how to drive medium- to long-term profitability. And most of them, unfortunately, don’t have a clear path to that.

The problem is all of the old, legacy software companies, except Salesforce, have still not gotten to profitability. So, the ones that went public in the early teens are still sucking wind, losing money. So the idea that software businesses generate long-term profits is so far unfortunately a fallacy.