In public markets, the FOCUS Carrier-Focused Telecom Technology Index (CFTTI) had a nice pop in our winter reporting period as it jumped 9.7% in the past three months. This outperformed both the S&P 500 (which gained 7.1%) and the NASDAQ (which gained 6.9%). It also was good to see that all the sub sectors save one were in the black for the reporting period. Over the past 12 months, the CFTTI is up 22.7%. This is better than the 20.4% year-over-year gain in the S&P 500, but lags the 29.1% return of the NASDAQ. Sector multiples are up sharply from this time last year. The sector revenue multiple went from 1.4x to 1.8x, while the sector EBITDA multiple increased from 8.3x to 11.8x.