In public markets, the FOCUS Carrier-Focused Telecom Technology Index (CFTTI) increased a scant 0.4% in our winter reporting period. However, this gain looks much more impressive when measured against the performance of the overall market. Over the same time period, the S&P 500 dropped 4.9%, while the NASDAQ dropped nearly 10%. In short, the sector was largely able to avoid much of the carnage in the broader market. For the full year, the CFTTI is up 19.1%. Once again this outperformed both the 4.3% gain in the S&P 500 and the 6.6% gain in the NASDAQ by a wide margin. Sector multiples are also higher than they were in the year-ago period. The sector revenue multiple increased from 1.8x to 2.2x, while the sector EBITDA multiple increased from 11.7x to 14.4x.