“But across the balance of the portfolio, we'll make adjustments based on the environment.”

In context

“e right jumping-off point as we think about 2022, or should we make further adjustments? David Solomon: Look, so I think as we think about non-compensation expense on the forward and taking all of it in totality and again, all within the framework of our efficiency ratio, our return targets, et cetera, where we sit today, we don't see taking our operating expenses up materially from where they are right now. There will be puts and takes within the portfolio of expenses. And as is an item of consistent focus for the market and certainly for us, one area that you should expect us to continue to invest in is across technology and engineering expense. That number for us this past year was between $4.5 billion and $5 billion, and that's a number that you should see us to continue to invest in. But across the balance of the portfolio, we'll make adjustments based on the environment. Operator: Your next question is from Devin Ryan with JMP Securities. Devin Ryan: I guess, first question here just on the M&A backdrop. David, I heard your comments loud and clear just around companies looking to kind of improve their strategic position. And so, when we think about, I guess, Goldman Sachs' M&A strategy, your firm has been reasonably active over the past couple of years here. And we are seeing a little bit of a reset in valuations, particularly in the fintech space. So, I know that price isn't the first consideration here. But are there any areas that with more maybe attractive pricing or more reasonable valuations that makes sense to get into through M&A versus organic build? David Solomon: Yes. So, Devin, I appreciate it. And my message here is going to be relatively con”