John Weinberg: I think we’re actually seeing really healthy across the board. Personally, I think there is something to be said that people are watching really carefully on antitrust. And I think — I’m glad you brought that up, because it is important, and it’s something that we’re all watching really carefully. That’s not stopping management teams from really looking at big things. But I think there is a really careful scrutiny with respect to how antitrust will play in those situations. In the middle which is often when we see recovery, we often say, well, it’s going to be led from the middle or the bottom and it will accelerate. In this case, I think that the middle-market and the under $5 billion deals actually are quite healthy.
But I also would say anecdotally in what I’m seeing and I’m talking with a lot of our bankers very regularly, I’m seeing that there are some really big — some big deals that are being seriously considered and I could see them going. So I don’t think I would differentiate big from small right now. But I would say it — a lot of it’s going to be the wait-and-see approach that we talked about earlier in this call. It’s going to be really interesting to see when some transactions at different size levels start to go forward, how quickly others in those areas or those categories start to pick up. I could easily see it actually being a relatively broad based recovery. But it’s just — it remains to be seen because, as you know, we still have so much uncertainty in this market, which is really what’s holding the market back right now.
Manan Gosalia: Great. Thank you.
Operator: Thank you. And we do have a follow-up question from Brennan Hawken with UBS. Your line is open.
Brennan Hawken: Good morning. Thanks for taking my follow-up. One just sort of clarification quickly. The 130 SMDs that you note in the release that that includes the 1Q recruit, but does that also include the seven advisory promotions?
Celeste Mellet: Brennan — sorry. The promotions will be reflected in the 1Q number because they’re effective as of — we just announced them, but they’re effective as of March 1. So they’ll be included in the 1Q number.
Brennan Hawken: Okay. Excellent. And I don’t know if Tim can hear, I know next quarter, it will be your call, but congrats on the new role. And just a quick one to sneak in here. You’ve been at Evercore for over two decades and held many roles. So from your perspective, what do you think is most misunderstood about Evercore as far as the valuation of the company was reflected?
John Weinberg: Brennan, I’m so sorry, but Tim actually is out on a medical situation for this morning, and so he’s not here for this call. He may be listening in, but I don’t think he’s going to be able to charge into that one. Let’s put that one on hold and in our next call, we’ll make sure we remember and answer it for you.
Brennan Hawken: Okay. I hope he’s doing okay.
Celeste Mellet: with medical issue.
Brennan Hawken: Yeah. Thanks for clarifying.
John Weinberg: Yeah. He’s fine, but he couldn’t be here today unfortunately. He would have liked to have been.
Brennan Hawken: Fair enough. Thanks so much.
John Weinberg: Thank you. All right. Thank you, everyone. See you next time.
Celeste Mellet: Thanks, everyone.
Operator: Ladies and gentlemen, this concludes today’s Evercore’s fourth quarter 2022 financial results conference call. You may now disconnect.