Sirius and XM went on air in 2001. It's taken 14 years for that to be a real business. It took them combining to be a real business.
It's probably conventional wisdom now that you bring openness of markets only after the market has developed to a certain level.
In a maturing market it's not advisable to be always everybody's darling, because you get too thin.
The markets where we've got real good presence are the older, more mature markets like Australia, and Western Europe - where we've only got 6,000 stores, compared to the US with 13,000.
Every industry, as it comes to a certain level of maturity, there is consolidation. In that consolidation, some fall, but the men will always be there. It is the boys that get sloughed, I would say.
There is a lot of volatility in the digital asset market broadly, and certainly that is true in the bitcoin market. It's been true for XRP, and I think that's because these markets are very nascent.
Most marketers think there's a concept called a product life cycle. Once you realize that the world is organized by jobs that need to be done, you understand that product life cycles don't exist.
I think the dot-com boom and bust represented the end of the beginning. The industry is more mature today.
During the early stages of an industry, when the functionality and reliability of a product isn't yet adequate to meet customer's needs, a proprietary solution is almost always the right solution - because it allows you to knit all the pieces together in an optimized way.
What business could be mature when you have economies with more than 2 billion people in India, China and Southeast Asia?
You take something like RingCentral. It doesn't need any more money or financing: it is relatively mature, recurring revenue business - not really worried - but you know, we could sell it tomorrow. We have not been in a rush to sell it. We don't care about exits as much. We care about building fundamental value.
