Today $CVC fell 12.1%. Looking back, there are actually some bright spots in the news. Caddy became a unicorn by valuing the enterprise at an estimated 182 billion yen. In this kind of market environment, that’s definitely not easy. On the funding side, it raised 102 billion yen through a capital increase, and another 75 billion yen through the secondary market. The underwriters also include a risk investment firm associated with the U.S. hedge fund Moore, as well as Toyota’s corporate venture capital, among others. More importantly, its ARR has continued to grow at more than 2x year over year, and the underlying fundamentals look very strong. However, the market didn’t buy it. This drop today shows that, for now, the market is more focused on liquidity and sentiment, and even strong primary-market positives are hard to immediately turn around the secondary-market trend. Caddy’s data, the background of its investors, and its ARR growth are all solid, but in the short term, the funds have pulled back first. The takeaway from this review is: the news isn’t bad, but the price action is weak. Going forward, the key is to see whether these fundamentals can be repriced by the market again.