I find Hipgnosis really tough to gauge as well. I’d be fascinated to see what someone with real music industry knowledge makes of it.

I don’t think Schiehallion’s high cash balance is much of an issue, though. They highlighted upfront that it would take a long time before all the funds were deployed and I’d rather they were more selective. Peloton wouldn’t be my first choice, but spread across a sufficiently diverse portfolio it wouldn’t concern me too much. I think with these higher-risk portfolios there are always going to be a few investments you don’t fancy.

I think that a) it’s very hard to put a valuation on the songs and their revenues and b) to know the fiduciary strength of the management.

I have been impressed by some of the names they’ve got on board, but again would have no idea whether they have been acquiring them at a good price or not.

Schiehallion is another interesting one – I’m not sure who wants to hold that much cash. And these sorts of investments may be less appealing in a post-We-Work world. It is possible that Bytedance will do well given its current ubiquity with teenagers (though equally it could be a replaceable fad), but the fact that Baillie Gifford invested in Peloton gives me cause for concern – to me, that’s definitely on the delusional end of ‘hot products’.