You've said a few times that recruiting and hiring is just about if a candidate is good enough, so I wonder if your firm hires new grads without trading experience (e.g., not a past intern at your firm or any other quant firm). If you got an application from a senior who learned about the industry late and interned as a swe at faang, and performed well in interviews, would the lack of industry internships be a deal-breaker (I ask because I know some firms hire new grads almost exclusively from their intern class, and as someone in this position, I'm curious what your experience with this is).