Hamilton Helmer

So I did a study once of the S&P 100, the largest market cap companies in the world, and looked at if you pulled apart their value and looked where their profits came from.

And you asked the question, what share of their profits came from businesses that wasn't their original business?

What would you think if you were asked that?

Can you help us with a year of when you looked at this?

I did it just prior to the financial crisis.

So it was 2007.

I don't know if you consider the answer boring, but it turned out to be about 50%.

In the tech world, which you guys intersect more, you can think of all the examples.

We talked about AWS as an example.

The lead-off example in my book of Intel getting into CPUs, that's transforming, right?

They're in memories.

Right.

The iPhone, they were not in that business before.

Google into Android, Microsoft into operating systems and applications.

They were originally a language company.

But as both of you said, sometimes not.

Dr. Herbert at Harvard started right out of the gate with Facebook, you know, and so 50% is a big number.

Right.

So that sort of flags you.

And so it's important as one.