Exchanges generally have proven to be much more profitable than initially thought. They have monopolistic characteristics, which means there are very high barriers to entry, and that's a businessman's dream.
We're not chasing returns. We try to eliminate risk and we believe that by doing so, the return will follow. If we know something is very undervalued, it doesn't matter how long it takes.
It's better to own the casino than being the gambler in the casino.