Adobe is a high-quality business due to recurring revenue from locked-in customers and difficult-to-replace products.

I really like businesses with recurring revenue, which is why we own companies like Intuit and Adobe, where customers are pretty well locked into those contracts and arrangements, and the product is pretty hard to replace, so they just end up paying those two companies annually.

I mean, with Adobe, for example, we use their entire suite of products for the most part pretty regularly as part of producing this podcast and our YouTube channel and everything else we do.

So it's all the more attractive when a business has such a high quality business model, and it falls within our circle of competence in some ways, because, like with Adobe, we've become pretty well acquainted with their offerings and what they're able to do and what they're not able to do.