We have characterized the technology industries. The quintessential example contrasts with mature companies, such as utility companies. We create value by continuing to expand above-average on research and development. We growth are less worried about high price-to-ratios and high price-to-book ratios that growth faces because the focus is on growth and maintaining industry leadership. We are preferred and tend to outperform value because of environmental risk and we empower low risk tend to underperform because weak activity hinders growth and the growth engine that drives the higher.