I think there has been a dramatic shift in investment style in the last 20 years.The emphasis is more on speculation and because more people are speculating prices move up as they feed on themselves.Also the growth mandate is out of hand where any little bit of growth shown by a company is given astronomical multiples.The share purchase by entrepreneurs who are looking to get a decent stake in a company and then agitate management for change or take it over does not happen these days.This last area is open for the brave.A fund manager is different to an acquirer.Just a bit of rubbish to throw up.