Steve was a great analyst at II, there's just no arguing that....

Steve was a great analyst at II, there's just no arguing that. But I think that a big part of the reason for that is that II back in those days was pretty isolated from the asset management establishment.

Now he's surrounded himself with a bunch of second rate analysts and it seems to me that they all drink the same koolaid.

It's all a bit of a shame because he really had the potential to become a truly great investor, but the way things are, I think that the are structural reasons why his outperformance is going to be pretty marginal going forward.