https://shorturl.at/beMN9

While this might look terrible from the heading we actually think one has to look at this chart differently:

So why do we think this is actually not as bad?

Once you see the big picture it becomes more clear what actually happened here.

We had a HUGE inflation starting in Q3 2020, reaching the peak in Q4 2021. So within 18 months the total investment tripled from $60B to $180B. Total number of investments about doubled from 6'800 to 10'700.
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That is IMHO the reason why we have seen this downward spiral. In another 12 months we will probaly see that we are just about back to normal.
Or in other words: After an unreasonable inflation of deals and deal volumes we just came back to normal.
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