“The backlogs are all up. I think it will be a slow march back.”

In context

“at trends in the advice driven model, in fee-based assets and the advice the asset management revenues. The asset management revenues, Mike at a record high, so I would just highlight that as well as proof point that this model is working. Mike Mayo: And then just one follow-up for Ted. Ted, I think your outlook for the industry capital markets was about as bullish as we've heard yet. I think you used the word potpourri. IPOs in the valley, cross border by sector, financial sponsor, Japan, highest in years, event financing, specifically, what are your backlogs? How do they compare with last quarter? And just one more time, the level of your conviction that this time is for real, because there's been a lot of false starts the last 2 years? Ted Pick: Yes, I think it's a reasonable question. The backlogs are all up. I think it will be a slow march back. People are not going to jump into some of the speculative paper that we saw during the SPAC period clearly. But the receptivity to recent IPOs that were high quality was quite impressive, quite broad interest among investors. The need to execute on cross-border M&A is here. It's for many companies an existential reality. Their supply chains have been disrupted by 2 major global conflicts and they need to near shore and make the trade off, which means they need to potentially bolt on piece of supply chain that's in front of them. They may need to take regulatory risk. There may need to be structuring and financing advice around that so called solutions where we think we're strong. The other motivating piece, Mike, is and I do think there's going to be growing consensus on this. The financi”