I have no problem with failures in venture investing. That’s how...

I have no problem with failures in venture investing. That’s how it works, many failures and one or two oversized gains to makeup for all the bad bets.

The issue is that Blue Sky continues to increase valuations on venture investments when it’s obvious the revisions should be downward.

If they are doing this in the PE arm (I think you have acknowledged that is what they have done), what else are they doing in the other parts of the business?