And so that’s what we see where if you were to sum it all up, the recovery that we thought would start towards the end of this year, we now think is going to start six or so months later, maybe a little longer. And for us, that pushes back our assumptions about the return to peak earnings a year or so into the following year.
Michael Griffin: That’s helpful. And then just on the advisory business. I know you called out Japan and APAC as a relative outperformer compared to Americas or EMEA. But was there any other drivers that led APAC to be pretty notable outperformer this quarter?
Bob Sulentic: For us specifically, we just have a very good business in Japan. And it’s – obviously, that’s a huge economy and Tokyo is a huge real estate market. And over the years, we – there has been a struggle around the notion of intermediation there. There was a lot of business done directly by buyer and seller, tenant, landlord, etcetera. That intermediation has become more accepted. There has also been a struggle to have non-Japanese domestic companies in the mix, so to speak. And that is – as it relates to being the designated intermediate – when intermediation happens and also being a home for talent. We have really changed our profile as a recruiter there over the last few years. And we have really changed our profile over there the last few years as somebody that’s a recognized intermediary.
As a result, we used to talk about, well, we have got good growth in Asia, but good growth on bases of business that weren’t that needle moving to our overall results. Japan is now our second most profitable market in the world behind the United States for advisory business. So, when Japan does relatively well as it’s doing now, you get the results we are getting. It’s big enough to be needle moving for us. And then in general, as you know, the return to the office across Asia and Pacific is ahead of where it is in either the United States or EMEA.
Michael Griffin: Great. That’s it for me. Thanks for the time.
Operator: Thank you. Our next question comes from the line of Jade Rahmani with KBW. Please proceed with your question.
Jade Rahmani: Thank you very much. On the M&A front, would you confirm that investment management is the key focus? And would you also be able to provide an updated comment as to how infrastructure fits in your overall strategic framework if you see this potentially emerging as a new business line alongside your others and potentially an additional diversifier?
Bob Sulentic: Jade, in terms of M&A, we – Emma made this comment. We look across our whole business. We have a very capable corporate development team that partners up with a group of geographic and business line leaders across the whole business around the world and across our lines of business to seek out M&A opportunities where we think we can enhance our offering to our clients. We just – you just saw today, we announced something in the – for our capital markets business in the investment banking capital advisors area. That was an area where we thought we had a bit of a hole. We went out and brought on a business that was very substantial global and additive. Lots of areas of interest, investment management has been an area of interest for us, but sole of others.
We have several areas of interest in our GWS business. We have select areas of interest in our advisory business. We even have some areas we are looking at in the development business. But one of the things that’s going on right now, and Emma mentioned this, is that pricing for M&A has not moved quite as quickly as we hoped or thought it would. And we are just showing a lot of – excuse me, a lot of discipline around what we are going to do in terms of acquiring other companies. We are just simply not going to pay prices that we think are unreasonable just to get businesses that we like. We think pricing is going to come into line. We see some signs of that. We have got a pipeline across those businesses and geographies that we like, but we are being disciplined.
