we're now joined by alistair warren. alistair, great to have you around the desk.t fair to say that the uk and the european ipo market is back with a bang? how would you describe the dynamics and how is it different from the first of the year? >> so i would say it's definitely back. i'm not sure it's back with a bang in the sense that relative to the first quarter of the yee, the -- it's definitely, i would say, more balanced. people are more selective and price sensitive. but it's still functioning. >> you're talking about price sensitivity here. does that automatically mean investors have more bargaining power when it comes to some of the valuations? the companies will simply have to accept that valuations won't be as high as they were in the first half of the year. >> yeah. i think in the -- it's not quite the first half, but certainly the first quarter of the year that was very, very broad, widespread participation across the globe. i think now people are being much more selective. some have been slower, particularly out of the u.s. as a result, it's the breadt