I think more of the second and third factors.

It's just as well because if you try to predetermine your winners, the higher the chance you lose it.

But I think where we do rather well is that after there's been some movement to enable us to figure out that this is the way of the future or we think this is going to be the way of the future, we can latch on to it, generally we have been successful and we've not had to spend too much of our own money in a fruitless search for the successful formula. Full Story