Wine & Wisdom

Mark Pennycook & Bill Trim of Company-I & I had dinner at The Don restaurant in the City today. We were just catching up, discussing business, organisational issues and red wine. The somellier was very helpful and while some may sniff at our choices, we drank a Chateau Malescot Margeaux '99, a Yarra Yerring Australian Pinot Noir, an Australian Noble One Reisling and finished the meal with a couple of glasses of Sandymans 1963 Port. I started with a tuna salad, went on to duck and finished with a Raspberry & Vanilla mouse. As Mark said, fun, illuminating, thought provoking and f\*\*\*\*\*\* expensive! Just like a good city lunch should be!

One of intellectual high points was the observation, "Companies compete by managing their applications portfolio", an IT service company must be able to talk about applications, unless it wants to be trapped in a cost minimisation conversation, in which it must come off worse; it's always going to be cheaper to do something on wages rather than fees. Actually is this true? Why are fees so much more than wages? Does it represent labour market risk, or scarcity? Or could it be a premium for expertise & knowledge? Visible valuations for knowledge are hard to find and the economics of knowledge is equally not well understood. This is definately a conversation to be continued.

This event occurred as dated, but was written over time and posted on 20th Oct '05.

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