In our winter newsletter, we wrote on the exuberant conditions of the public and private markets of the preceding year. Now in mid-summer, after nearly two years of post-covid exuberance, prices in the public and private markets, especially for high-growth money losing technology companies, have completed a painful mean reversion. Broad-based headwinds to global economic growth persist, with the war in Ukraine, global supply chain disruptions, and a brisk hiking cycle from the Federal Reserve all creating a significant amount of uncertainty. Recent median and top quartile revenue multiples for the Bessemer Cloud Index were 6.7x and 9.52x, off highs of 18.4x and 29.3x at the beginning of September 2021. With multiples reset, what now remains unclear is the path of earnings over the next few quarters, which could create more pain for investors if results surprise to the downside.