Mike Descheneaux: Sure. Great. Thanks a lot Greg. Ebrahim, there’s a few data points, I think we’re investors are going to start to get even more clarity, right. When we think about inflation reports and whether or not the rising rates are having an impact on inflation. We just had a January 12 report, and we had the February 14 inflation report coming up. So we’re starting to see that rates are starting to have an impact on inflation. I think that’s really important for investors looking for clarity what’s happening, the COVID impact of the zero COVID policy in China. We’re starting to see that go through China and we’ll know here end of January, February about whether or not that actually is gone through and then supply chains can start to come out, again, having impact on inflation.
The energy impact in Europe, we’re going to get to that and see some more data points about the impact of inflation. But perhaps most importantly, is the valuations, right? I think you have the auditors that are in at the various companies here that are looking at the valuations. And you’re going to start with these audit reports that start to come up. And there’ll be some valuation adjustments between the companies who have been holding off in terms of readjusting the valuation. So I think that’s really helpful. And so right now, obviously, the investors are still holding off on investments. They’re slowing the pace but there’s still a lot of good companies out there. There’s still a lot of opportunities. They’re still investing in early stage.
But they have to prioritize their investments here. And they know they’re probably going to have to hold on to these investments a little bit longer than anticipated, because there’s just not a whole lot of exits as you know. There’s just no IPOs, there’s not a whole lot going on out there. But again, I think, there’s obviously a lot of dry powder, I think that’s very helpful. Now, when you shift to the lens of the entrepreneur, as Greg mentioned, they have had a lot of cash. They’ve been sitting on that, but we are starting to see where they are resetting their spin levels, right. The layoffs, you’re starting to see that in news, which there’s the good news and the bad news. Obviously, the bad news is the layoff. But the good news is, they’re really starting to focus on their cash burn, because they know they need to hold on to their cash for a lot longer.
Advertising spends have been coming down over the last several months. And so that’s been a big thing that we’re seeing here. So they’re all getting back to focusing on client acquisition costs and profitability. So again, growth or just for growth sake is no longer the thing to do. So economics do absolutely matter. So they’ve been very, I would say, very focused on valuations, they’ve been holding off in terms of taking more investments, but eventually the cash starts to run out, eventually, they start to reset their expectations on valuations. And so we believe we’re starting to see some of that breaks through. And again, I think over the next couple of months, I think that’s when you would start to see as Greg describing a little bit more stabilization there, and perhaps as a platform here for the second half of the year to start to see some of those shoots that you were talking about.
Ebrahim Poonawala: Understood. And I guess maybe a separate question for Dan. When we think about, from a balance sheet management perspective, on the asset side, available for sale securities, about $25 billion, $26 billion. Give us a sense, is there any view of like pulling forward some of those maturities and locking in higher interest rates today, given one, the COVID is already inverted? Who knows where it might be six months from now? Just give us a thought process around any piecemeal restructuring of the AFS book that we should think about?
