Tencent and Capital Allocation

Monish: Tencent has two core competencies. One is generating traffic and the other is capital allocation. So they have this massive pipeline, which is WeChat with a billion users,. And any app or any functionality that they want, they can incorporate into their huge pipeline. They've been investors in so many different startups across the world. Monish: Just digging into Tencent and getting lost is part of understanding Tencent.