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That's what the greatest investors do.

The rest is noise.

And the market is highly, highly, highly efficient.

So I don't think that there's been this re-rating of the sector.

because of AI, because really smart investors agree that this over time will help these companies that are trusted by the customers that have proprietary data that are embedded in their systems.

It's helpful.

I cannot even begin to describe how helpful it is.

There's always the question whether software is econ 101, where price equals marginal cost.

You built all these products, but the marginal cost of delivering one is extremely low.

So you kind of race to the bottom and you have to control discounting.

The key and what we try to do is have the lowest cost of production.

have the most efficient company there is.

So when we do buy these billion dollar companies, we are very upfront that the first course of action is we're gonna reduce the cost of the business, try to get it to a 40% margin, usually from zero.

And if you have the best run company making the right investment decisions, you can invest plenty in AI because you're not wasting a lot of money in other activities or trying activities that the company doesn't even have a core competency in doing.

To grab information.

It's really, and I think most companies are using it that way, right?

We all, as consumers, use it to ask questions, get quick data, search.

Companies as well are using it in that way.

We're using it to get information a lot quicker.

For example, at the end of the quarter, we love those quarter ends.