Q1 2019 in a nutshell: Ad tech isn’t doing as poorly as you’d think (all things considered), TV and data are colliding, DTC is sizzling, private equity is still gung-ho on M&A, and so are the marketing clouds.

It’s not a bad report card, despite a general sense of caution and trepidation about macro factors in the economy, said Terry Kawaja, CEO and Founder of investment bank LUMA Partners.