We didn't do a lot of dot-coms because we learned from past experience. These tend to be more retail deals, and that's not really where we do well. When technology improves and people have Internet access at home that's as good as it is at work, investors will make a different bet. Plus, we are roughly doing the same number of deals but in earlier stages and at much lower valuations. We can get higher ownership in a company for less money.
People are more realistic about what are niche markets and what are large markets.
There are still good opportunities out there. But they have to be based on good business propositions, not on hype. It's not the services and subscription models. Art may really be something over the Internet. By the latter part of next year, the company will be in the black.