Jason -= What a wonderful way to bring value-added points to a highly rehashed discussion. Two brief personal experiences: When I was a young analyst, someone I respect very much drilled into my head that I adopt a mantra; in this case, the aspects of ADP's business model that enabled it to gradually and boringly(?) appreciate through economic and market cycles. After hearing NG Kok Sung, I have an even better appreciation for where that mentor was coming from. Secondly, when I was in grammer school, our soccer coach had us sit perfrctly still, close our eyes and imagine making the play in 3-on-1 drills. No lie, after that brief meditation excersise, I went out and made the play time after time. To this day, I attribute that simple excercise to being the catalyst that turned me from a marginal player into a standout. Today, one of the key aspects I look for in analysts and PMs is the ability to show introspection and communicate how they use those lessons for constant growth.