In public markets, the FOCUS Telecom Business Services Index (TBSI) notched a hat trick with its third straight period where the TBSI both posted an increase and outperformed the broader indices. The TBSI shot up 13.4% in our fall reporting period, handily outpacing both the 3.3% gain in the S&P 500 and the 9.7% gain in the NASDAQ. The TBSI’s performance also is strong for the full year, where the sector posted a gain of 25.4% compared to a 12.9% gain in the S&P 500 and a 15.0% gain in the NASDAQ. Multiples are up for the sector compared to the year-ago period. The revenue multiple increased from 0.3x a year ago to 0.4x currently, while the EBITDA multiple increased from 7.3x to 8.4x over this same time period.