[magicGartner]

First of all, in early-stage investing, A-round investing, I don’t think there’s a bubble at all. We’ve seen almost no change in early stage A-round investing. That’s where we spend most of our time in terms of making investments.
I think companies are staying private longer. Later-stage investors who typically have played in public markets now see opportunities to invest in private companies, when in the past those companies would have gone public. Some of these valuations are simply based on companies staying private longer.
In addition to that, I believe that this transformation from the older IT environment to this new world really is going to upset many many incumbents and change the landscape in enterprise computing in fundamental ways that we haven’t seen since the last transformation, when the Ciscos and Oracles and the EMCs of the world got started. A lot of innovation is occurring that I think starts to move the deck chairs around, and there’s a lot of money at stake. That certainly would warrant appreciable valuations for those companies if you believe they’re going to be one of the big franchises of the future.