The biggest mistake was not maintaining my positions as the dollars came in. Well, if you look at the holdings, Dell was a much larger position at the beginning than it is today. And the stock is up a bunch. The Street is littered with carcasses of managers who shot the lights out in a single year. Well there are reasons why managers end up as carcasses, and I'm trying my hardest to avoid those reasons.
Style can play a big part.
Momentum investors, for instance, when their style goes out of style there's nothing they can do. We're not momentum investors at Transamerica. We have a sort of eclectic style, and I try to buy business model, management, and change. And if there's certainty to that, that's wonderful. And that's what I look for.