Even private companies go up and down in value with the stock market. That was a small "haircut" compared to many private "high tech" companies. Fortunately HRI is a mature 'cash cow' company. Granted HRI is valued at 3+ to 4 times revenues (privately) but typically private companies are valued higher in the 'public markets'. True, HRI won't carry the multiple of a 'tech' company, but HRI cash flows are predictable and the markets love predictable cash flows and profitability at this point in time. HRI is the anchor.