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    <votingAuthority>
      <Sole>1878</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>29977a105</cusip>
    <value>1687</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21060</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21060</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Exxon Mobil</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231g102</cusip>
    <value>10037</value>
    <shrsOrPrnAmt>
      <sshPrnamt>142143</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>142143</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Facebook</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30303M102</cusip>
    <value>15603</value>
    <shrsOrPrnAmt>
      <sshPrnamt>87620</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>87620</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>FedEx</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31428X106</cusip>
    <value>917</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6301</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6301</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>General Electric</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369604103</cusip>
    <value>865</value>
    <shrsOrPrnAmt>
      <sshPrnamt>96785</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>96785</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Guidewire Software</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>40171v100</cusip>
    <value>232</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Henderson Land Development</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y31476107</cusip>
    <value>91</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19486</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19486</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Home Depot</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>437076102</cusip>
    <value>1366</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5885</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5885</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Hyflux</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y3817K105</cusip>
    <value>0</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>IBM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>459200101</cusip>
    <value>2721</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18714</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18714</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ICON plc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>g4705a100</cusip>
    <value>1169</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7935</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7935</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>IQVIA Holdings</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46266c105</cusip>
    <value>22936</value>
    <shrsOrPrnAmt>
      <sshPrnamt>153543</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>153543</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ITT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>450911201</cusip>
    <value>264</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4307</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4307</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Intel</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>458140100</cusip>
    <value>2215</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42981</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>42981</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Invitation Homes</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46187w107</cusip>
    <value>12165</value>
    <shrsOrPrnAmt>
      <sshPrnamt>410827</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>410827</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>JP Morgan Chase</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46625H100</cusip>
    <value>4846</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41180</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41180</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Jacobs Engineering</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>469814107</cusip>
    <value>13935</value>
    <shrsOrPrnAmt>
      <sshPrnamt>152297</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>152297</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Johnson &amp; Johnson</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>478160104</cusip>
    <value>6991</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54037</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>54037</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Kansas City Southern</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>485170302</cusip>
    <value>11404</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85738</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>85738</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Kinder Morgan</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49456b101</cusip>
    <value>8698</value>
    <shrsOrPrnAmt>
      <sshPrnamt>422034</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>422034</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Lowe's</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>548661107</cusip>
    <value>1164</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10588</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10588</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>McDonald's</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>580135101</cusip>
    <value>1218</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5674</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5674</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Merck</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58933y105</cusip>
    <value>772</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9173</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9173</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Microsoft</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>1947</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14001</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14001</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Mondelez</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>609207105</cusip>
    <value>415</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7505</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7505</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Moody's</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>615369105</cusip>
    <value>574</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NBT Bancorp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>628778102</cusip>
    <value>512</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NetEase</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64110w102</cusip>
    <value>241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>905</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>905</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Newmark Group</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>65158n102</cusip>
    <value>197</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21762</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21762</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Nike</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>654106103</cusip>
    <value>12330</value>
    <shrsOrPrnAmt>
      <sshPrnamt>131280</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>131280</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>North European Royalty Trust</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>659310106</cusip>
    <value>551</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90432</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90432</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Norwegian Cruise Lines</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G66721104</cusip>
    <value>13123</value>
    <shrsOrPrnAmt>
      <sshPrnamt>253478</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>253478</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PPG</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693506107</cusip>
    <value>750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6326</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6326</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Palo Alto Networks</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>697435105</cusip>
    <value>14443</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70859</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70859</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PayPal</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70450y103</cusip>
    <value>19439</value>
    <shrsOrPrnAmt>
      <sshPrnamt>187652</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>187652</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>People's United Financial</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>712704105</cusip>
    <value>216</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13799</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13799</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PepsiCo</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>713448108</cusip>
    <value>19027</value>
    <shrsOrPrnAmt>
      <sshPrnamt>138784</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>138784</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Pfizer</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>1592</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44316</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44316</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Philip Morris Int'l</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>718172109</cusip>
    <value>1294</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17047</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17047</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Proctor &amp; Gamble</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>742718109</cusip>
    <value>3824</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30745</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30745</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Quanta Services</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74762e102</cusip>
    <value>15898</value>
    <shrsOrPrnAmt>
      <sshPrnamt>420594</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>420594</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <cusip>75886F107</cusip>
    <value>8755</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31560</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31560</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>COM</titleOfClass>
    <cusip>759351604</cusip>
    <value>242</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1514</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1514</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ResMed</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>761152107</cusip>
    <value>22424</value>
    <shrsOrPrnAmt>
      <sshPrnamt>165966</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>165966</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>COM</titleOfClass>
    <cusip>780259206</cusip>
    <value>258</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4378</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4378</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SPDR Tr (S&amp;P 500)</nameOfIssuer>
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    <cusip>78462f103</cusip>
    <value>1211</value>
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      <sshPrnamt>4081</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4081</Sole>
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      <None>0</None>
    </votingAuthority>
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    <value>579</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16947</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16947</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Service Properties</nameOfIssuer>
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    <value>426</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16625</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16625</Sole>
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      <None>0</None>
    </votingAuthority>
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    <cusip>848637104</cusip>
    <value>6315</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53584</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>53584</Sole>
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      <None>0</None>
    </votingAuthority>
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    <cusip>855244109</cusip>
    <value>18935</value>
    <shrsOrPrnAmt>
      <sshPrnamt>214148</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>214148</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <cusip>867224107</cusip>
    <value>573</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18130</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18130</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>COM</titleOfClass>
    <cusip>882508104</cusip>
    <value>254</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1967</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1967</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>COM</titleOfClass>
    <cusip>883556102</cusip>
    <value>214</value>
    <shrsOrPrnAmt>
      <sshPrnamt>735</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>735</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <cusip>907818108</cusip>
    <value>736</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4546</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4546</Sole>
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      <None>0</None>
    </votingAuthority>
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    <cusip>911312106</cusip>
    <value>13444</value>
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      <sshPrnamt>112197</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>112197</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <cusip>913017109</cusip>
    <value>783</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5732</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5732</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Varian Medical Systems</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92220p105</cusip>
    <value>3976</value>
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      <sshPrnamt>33385</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33385</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Veeva Systems</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>922475108</cusip>
    <value>5350</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35038</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35038</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Verizon</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92343V104</cusip>
    <value>499</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8271</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8271</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Visa</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92826c839</cusip>
    <value>29195</value>
    <shrsOrPrnAmt>
      <sshPrnamt>169731</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>169731</Sole>
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      <None>0</None>
    </votingAuthority>
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    <titleOfClass>COM</titleOfClass>
    <cusip>931142103</cusip>
    <value>3457</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29130</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29130</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
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    <titleOfClass>COM</titleOfClass>
    <cusip>254687106</cusip>
    <value>18581</value>
    <shrsOrPrnAmt>
      <sshPrnamt>142583</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>142583</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
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    <titleOfClass>COM</titleOfClass>
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    <value>262</value>
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      <sshPrnamt>5201</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5201</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Weyerhaeuser</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>962166104</cusip>
    <value>217</value>
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      <sshPrnamt>7840</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7840</Sole>
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      <None>0</None>
    </votingAuthority>
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    <titleOfClass>COM</titleOfClass>
    <cusip>98419m100</cusip>
    <value>747</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9376</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9376</Sole>
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      <None>0</None>
    </votingAuthority>
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    <titleOfClass>COM</titleOfClass>
    <cusip>988498101</cusip>
    <value>321</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2832</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2832</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
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    <titleOfClass>COM</titleOfClass>
    <cusip>989207105</cusip>
    <value>13749</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66623</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>66623</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
