We're Not Going to Subcontract Your Money

In the tech world if you can build a moat it can be incredibly valuable. It wasn't hard to figure out who was winning at any given time or what their business was about but there were a huge number of people that knew more about the game than I did. We won't go into something because somebody else tells us it's a good thing to do. You can take your money and follow somebody else's judgment but we're not in thebusiness of thinking that if we hire 10 people with special leads in this area they will lead to superior investment results.