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There’s a legitimate wave of disputes and chargebacks that are hitting the travel and entertainment verticals as consumers cancel trips, postpone weddings or try to get credit for flights that simply cannot be taken right now. We’re in a brave new world of examining what should be refunded, even what can be refunded.
Doing this requires the board to prioritize budget for upgrading IT foundations that enable speed, security, resiliency, and reusability. They are already becoming more prescriptive about security and compliance standards for cloud, and thinking about other issues, such as the significant concentration risk.
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I mean certainly there’s still like a huge, a huge concentration in kind of, you know, the Bay area and then kind of New York, Boston area. So again, depending on the industry, it depends on sort of where our concentration of bankers are. 00:43:55 [Speaker Changed] So I also read you value and prioritize mentorship.
I think actually if you go public, there tends to be a more of a concentration in owners holding founder 00:17:41 [Speaker Changed] Stock. 00:23:35 [Speaker Changed] I mean very concentrated portfolios and long-term perspective. 00:23:48 [Speaker Changed] So, so when you say concentrated, how concentrated is concentrated?
NORTON: Within Morningstar Investment Management, we are very much high conviction investors probably — RITHOLTZ: Meaning concentrated portfolio? NORTON: Concentrated portfolios or willing to stick our necks out and look different than a benchmark. And we’ve learned some hard lessons that way. NORTON: Okay. NORTON: Okay.
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