The longer we stay in a zero-interest rate environment the more distorted things become, particularly here in the Bay Area. Every day more and more cash pours

The longer we stay in a zero-interest rate environment the more distorted things become, particularly here in the Bay Area. Every day more and more cash pours into the Bay Area because it's one of the best risk-adjusted investments. Be it tech, real estate, or biotech, everything is booming. Without an alternative things will continue along this path. There's just more money here now than there otherwise would be. Some call it a bubble, some don't—it doesn't really matter. From a certain perceptive, it's a good thing. If things stay like this perhaps the giant pool of money will continue to pool around things that are relatively riskier than the traditional financial instruments. This seems strange to us, but maybe this is actually a better allocation of capital. Maybe we are just moving into a world where a relatively higher portion of the world's capital flows into biotech instead of treasury bills.