Look, I mean, the March quarter makes the principle concrete: a $36.9 billion unrealized gain versus $9.8 billion a year earlier, the finance chief attributing it to the non-marketable equity portfolio. Operating income rose 30% to $39.7 billion, margin 36.1%, while net income rose 81% on that swing. The marked-to-market portfolio will keep moving the reported bottom line; we read the operating line as the durable comparison within our long-range framework.