Regardless of Macro environment, Marsico Capital are particularly focused on franchises that could be characterized as “disrupters”. These include companies that exhibit a business model potent enough to redistribute the revenue or profit pool of an existing industry to themselves, even as other participants struggle with the classic innovator’s dilemma of how to profit from transformative ideas. One area we are currently focused on involves opportunities driven by the confluence of mobile and cloud computing. Companies that control these platforms and own the data have open-ended opportunities to leverage and monetise data and innovation, and control industry profit pools. Thematically, we see five cloud-related developments evolving across large segments of the economy: mobile, social, enterprise, commerce, and content. A primary example is Facebook (FB), one of our top positions in 2015