Explaining what they do tick by tick on a continuous basis has as much value as trying to come up with a rational explanation why the ball landed on the 9 on the roulette table in Bellagio instead of 10.
What about a political vision in which the individual is respected as a separate, rational, self-responsible person who finds value voluntarily choosing (or not) to engage with others personally, culturally, or commercially?
Applying this same process today, in a slow growth environment, we believe rational investors should be willing to ascribe a higher value to businesses with strong growth prospects.