There's a focus on returns, return on capital, that kind of thing.

Yes, and probably a little less risk-averse. The acquisitions seem good now. Back in the Don Robert days, we wrote off quite a few big consumer direct ventures. I remember making recommendations on some acquisitions to Don, and he would just override us, saying we didn't see the big picture, even if the acquisition seemed terrible.

Let's move on to the business model and competition. Experian has been very successful, largely due to its data. How sustainable is its competitive advantage? With open banking regulation, access to data is becoming more open. Do you think this moat will remain intact over the next five to 10 years?

It's an interesting business model. In what industry do you get most of your raw material for free, aggregate it, clean it up, and then sell it back to those who provided the data? It's highly cash flow generative. The bureaus operate as oligopolies, with typically only two to three big bureaus in any market, except India, which is unique with six competitors. Each has had to define its market.

Let's move on to the business model and competition. Experian has been very successful, largely due to its data. How sustainable is its competitive advantage? With open banking regulation, access to data is becoming more open. Do you think this moat will remain intact over the next five to 10 years?

The non-traditional bureau companies, like Credit Karma, leverage the big bureaus' data. They don't maintain their own data sources. The moats for the bureaus are deep, with centralized data management, cleansing, and maintenance. I believe it's sustainable for the next five years. We were concerned about data providers holding onto their data or charging for it. We do pay to collect court and rental data, but it hasn't become a major issue.