Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between. Today let’s try to figure out where the startup and private markets stand, as there are a few different takes out there that I can’t reconcile. Our efforts to better understand how young companies are faring comes, of course, in the shadow of the impending $7 billion Intuit-Credit Karma deal — the second, multi-billion dollar fintech exit so far in 2020. So where are we today in the startup business cycle?