Is It a Bad Investing Strategy?

Wall Street does great research, but they get paid for activity. What you want as a owner of is companies to build great businesses not facilitate activity. The idea that I can talk to seven or eight or nine permanent shareholders about strategic choices will give the best management even more confidence to think long term. And so I believe the markets will be advantaged by companies being able to think in a way where today there's just so much noise in the system for them.