Dorsey explains this very clearly and is an impressive speaker and writer. I notice that he has increased his stake in SMAR considerably in Q1, 2021, to over 18% of his less than ten stock portfolio. The returns his fund has made suggest that, despite what Terry Smith says about the difficulties in picking winners in software, Pat Dorsey can do indeed find winners in this sector. Any views on his latest pick? I notice that the current share price is lower than in Q1.

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