We picked up two IPOs in the last year. One is now our largest holding. That's how much I believe in these managers. The other is a significant holding, but not nearly as large. IPOs of new companies that actually do something are extremely rare. Most IPOs are aggregation mechanisms designed to get between the people funding the aggregation organization and the assets that are purchased with that money. I ignore these parasites. The only aggregation mechanisms that interest me are major indices. I haven't been particularly revealing about our cash level but we are below 20% right now.