The Challenges of Working in a Regulated Industry

I think it's incumbent on someone in a regulated space to really understand the regulation. You will never be able to fight against the fact that something is regulated. And you often won't be able to break the rules. If you do break the rules, you 'll sometimes do so at your own peril. Some companies of regulated spaces have broken the rules and then had the rules changed around them. Others have failed in some ways. When you look at arb and b and their experience in manhattan and fighting against being regulated as a hotel. i think really understanding it, understand in how to work within the rules and the regulatory framework that's been given. Often that framework exists for a...