That's really what we care about at the end of the day. Yes, we do not take undue risk in getting there. We tend to run a 60-name portfolio, so no position is usually ever all that large and can't hurt us very badly. If we like semiconductors, we might have eight or nine names in that area, and if we do a good job of stock-picking, and then the industry pick is right, we will do very well. Since we began managing money in 1985, we have yet to have a negative-return year.
Companies have periods of easy growth and hard growth.
It's easy for them to attract people. Competition isn't an issue. And then at some point that changes, and growth gets more difficult. Competition intensifies, and usually it's very difficult to make money in the stock even though the valuation may be more attractive in that period. So we look for companies that are in their easy-growth period.