The Private Equity Cycle and the Performance Enhancing Drugs

I think private markets has just become code for we mark our own homework and we present this beautiful vision of low volatility returns, which I don't think is true in reality. The percentage was nudging sort of 40, 41% from memory, significantly more leverage than equivalent mid-cap companies on the market. There's one, the accounting into the financial engineering that is going into these horses before they hit the brokers yard. Right. All right, Rupert, do you think Charlie was too tough on private equity? No, he left out the bit about performance enhancing drugs. I eat a bit dark, a bit dark adjustment.