The Importance of Ethic in Portfolio Management

In just over six years, the firm has now grown to more than $100 billion in assets under management. In our vantage point, part of your success is from making bold moves such as significantly reducing consumer staples and adding to energy. The way we think about is that it's reading the road signs. If the fundamentals start deteriorating a little bit, we start acting very rapidly because the problem is that you don't know how deep the valley is.