Page 60 Studness Capital Management regarding specialization versus remaining a generalist? RS: I've narrowed over time on what I've focused on. It's worthwhile to have the broader experience to provide more context then maybe focus on particular industries. At a Graham & Dodd Breakfast, Bruce Greenwald was talking about specialization and how he was a proponent of it, suggesting that this was one feature that could lead to high performance. We would probably agree with part of that. The problem is, to us it's not just knowing the stock – it's knowing the industry. It's knowing what drives economics for that industry. It's harder to gain that expertise in a short period of time and be actionable on a stock. Not that it can't be done, but from our point of view, it seems a little more challenging. That's how I would think about specialization, but there's not a wrong way. G&D: Thank you again for the time.
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