I always wanted to do a guest spot on Halloween.
As a value minded guy, it was a pleasure to share the stage with Tom Hancock from GMO. Sometimes you look for a pickaxe, and sometimes there is just a single, focused thing that is going on. You try to pick the fastest horse and try to remember its a long distance.
Clearly, when i look at e-Commerce, I'm not really trying to pick winners below Amazon. I'd rather look at a pick axe business that is a necessary component in the production cycle (warehouse logistics), that can grow revenues with the overall growth of the industry and in addition offer cost savings and productivity increases. But for getting big firms to move IT to the cloud, I would simply rather own the places that are getting those large annual checks.
In the end, a ton of this spending is happing inside companies in the Nasdaq 100 and SP500. In fact, they are a huge component to what is driving those indexes.