I think there are a few reasons that keeps them at the top of the heap vs. their nearest competitors (S&P CapIQ, Factset, Thompson/Reuters). One if Mike Bloomb

I think there are a few reasons that keeps them at the top of the heap vs. their nearest competitors (S&P CapIQ, Factset, Thompson/Reuters). One if Mike Bloomberg himself. He is a rarity. He is a founder who is still very active in the company. He certainly doesn't need to go to work every day for the money. He is worth billions and is 75. I think he genuinely loves the work and he demands the same work ethic from those around him. I would imagine that when he is in the building, you can "feel" it in the air. That gravitas that was frequently on display when he was mayor of NYC is probably there every day whenever he holds court on a topic. Second, I believe Bloomberg has grown organically. I think it's much easier to present a complete and consistent system when you've built most of it yourself. A company like TR has been built up through acquisitions and it at times shows in the product. Factset has adopted a similar strategy as of late. Third, while the product at times has a distinctive UI/UX experience, it has always seemed super fast at least to my eyes. Less is true of their competitors.