“I’d be very surprised if we don’t get back to some average level of capital markets activity sometime over the course of the next few quarters.”

In context

“le approach. And so of course, we’ve expressed earlier in the call, we think this is an uncertain environment, and we’re going to be cautious. Of course, we will have plans in hand to the degree the environment gets worse. With respect to capital markets activity, I think I told you at the beginning of the year in our January call on January 15 that I did not expect us to see the level of capital markets activity we saw in 2021 anytime soon. And I wouldn’t call that as normal. So when you talk about capital markets activity going back to what we saw in the past couple of years. I, don’t think we’re going back to that anytime soon. But I do think if you look at capital markets activity kind of average levels over the last 7 years, take a period 5 years, 7 years, and look at average levels, I’d be very surprised if we don’t get back to some average level of capital markets activity sometime over the course of the next few quarters. And history would just tell you that, that doesn’t mean that it might not take a little bit longer this time if things get increasingly uncertain. But generally speaking, one of the things that affects capital markets activity is people have to reset their mind around valuation. They have to reset their mind around capital costs. And that happens relatively quickly because people have plans. They have commitments. They have to invest. And as soon as they get their minds around that, they adjust, which takes a few quarters, they get back into the market that’s available to them. And so I’d be very surprised if we don’t see, as we head into 2023, some sort of a normalization of capital markets activity. Now we might not because the world could get worse, and it could stay more difficult lon”