[jsfriedm]

Ryan,

Thanks for the VCP data. Incidentally, the one that just sold at ML is the same one that sold in April 2021, though that sold at Leland's, which I think gets less attention, and before I think the pandemic boom really fully hit vintage. In any case, I think the question is this: are pre-pandemic comps supposed to be relevant? As Nicolo showed in his message, we are still generally far above those, and that is still the case in the world of high grade T205s. So much so, that I thought less in terms of pre-pandemic comps and more in terms of where the new baseline is. Do you think pre-pandemic comps should still be the measuring stick?